<SEC-DOCUMENT>0001292814-15-002831.txt : 20151124
<SEC-HEADER>0001292814-15-002831.hdr.sgml : 20151124
<ACCEPTANCE-DATETIME>20151123182056
ACCESSION NUMBER:		0001292814-15-002831
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160331
FILED AS OF DATE:		20151124
DATE AS OF CHANGE:		20151123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IRSA INVESTMENTS & REPRESENTATIONS INC
		CENTRAL INDEX KEY:			0000933267
		STANDARD INDUSTRIAL CLASSIFICATION:	LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13542
		FILM NUMBER:		151250737

	BUSINESS ADDRESS:	
		STREET 1:		BOLIVAR 108
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD
		BUSINESS PHONE:		00541143237449

	MAIL ADDRESS:	
		STREET 1:		BOLIVAR 108
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>irsfs1q16_6k.htm
<DESCRIPTION>IRSA RESULTS 1Q16
<TEXT>

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<DIV style="TEXT-ALIGN: center; DISPLAY: block; LINE-HEIGHT: 1; TEXT-INDENT: 0pt"><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 18pt">SECURITIES AND EXCHANGE COMMISSION</FONT></B></FONT></FONT></DIV>

<DIV style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 12pt">Washington, D.C.&nbsp;&nbsp;20549</FONT></B></FONT></FONT></DIV>

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<FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 18pt">FORM 6-K</FONT></B></FONT></FONT></DIV>

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<FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></B></FONT><FONT><FONT face="times new roman"><B><FONT style="FONT-SIZE: 12pt">REPORT OF FOREIGN ISSUER</FONT></B></FONT></FONT></FONT></DIV>

<DIV style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 12pt">PURSUANT TO RULE 13a-16 OR 15b-16 OF</FONT></B></FONT></FONT></DIV>

<DIV style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 12pt">THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></FONT></FONT></DIV>

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<DIV style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 10pt">For the month of <FONT style="FONT-SIZE: 10pt" face="Times New Roman">Novem</FONT>ber, 2015</FONT></B></FONT></FONT></DIV>

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<FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 18pt">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1"><FONT style="DISPLAY: inline"><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">(Exact name of Registrant as specified in its charter)</FONT></FONT></FONT></DIV>

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<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1"><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 18pt">IRSA Investments and Representations Inc.</FONT></B></FONT></FONT></DIV>

<DIV style="TEXT-ALIGN: center; LINE-HEIGHT: 1"><FONT style="DISPLAY: inline"><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">(Translation of registrant&#180;s name into English)</FONT></FONT></FONT></DIV>

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<FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 10pt">Republic of Argentina</FONT></B></FONT></FONT></DIV>

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<DIV style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 10pt">Bol&#237;var 108</FONT></B></FONT></FONT></DIV>

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<DIV style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 10pt">Buenos Aires, Argentina</FONT></B></FONT></FONT></DIV>

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<FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;<FONT style="DISPLAY: inline">Form 20-F&nbsp;</FONT></FONT></FONT><FONT style="DISPLAY: inline"><FONT style="DISPLAY: inline"><FONT style="DISPLAY: inline"><FONT face=wingdings><FONT style="FONT-SIZE: 10pt">x</FONT></FONT></FONT></FONT><FONT id=TAB2><FONT color=black face="times new roman"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">Form 40-F&nbsp;&nbsp;<FONT style="DISPLAY: inline" face=Wingdings>o</FONT></FONT></FONT></FONT></DIV>

<DIV style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&nbsp;</DIV>

<DIV style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><FONT style="DISPLAY: inline"><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</FONT></FONT></FONT></DIV>

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<DIV style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><FONT style="DISPLAY: inline"><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">Yes</FONT></FONT><FONT id=TAB2><FONT color=black face="times new roman"><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: 3pt">&nbsp;o&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">No </FONT></FONT><FONT style="DISPLAY: inline"><FONT style="DISPLAY: inline"><FONT face=wingdings><FONT style="FONT-SIZE: 10pt">x</FONT></FONT></FONT></FONT></FONT></DIV>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT color=black face="times new roman"><B><FONT lang=PT-BR style="FONT-SIZE: 12pt">IRSA INVERSIONES Y REPRESENTACIONES SOCIEDAD AN&#211;NIMA<BR></FONT></B></FONT><FONT color=black face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 12pt">(THE &#8220;COMPANY&#8221;)</FONT></B></FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT color=black face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 12pt">REPORT ON FORM 6-K</FONT></B></FONT></P>

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<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Attached is an English translation of the Financial Statements for the three month periods ended on September 30, 2015 and on June 30, 2015 filed by the Company with the&nbsp;</FONT><EM><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Comisi&#243;n Nacional de Valores</FONT></EM><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">and the&nbsp;</FONT><EM><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Bolsa de Comercio de Buenos Aires</FONT></EM><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 18pt"><B><FONT lang=ES-AR style="FONT-SIZE: 18pt" color=gray face=Arial,sans-serif>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 17pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=gray face=Arial,sans-serif>Unaudited Condensed Interim Consolidated Financial Statements&nbsp;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=gray face=Arial,sans-serif>as of September 30, 2015 and for the three-month periods </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=gray face=Arial,sans-serif>ended September 30, 2015 and 2014</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Legal information</FONT></B></P>

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<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 10pt" face=arial,sans-serif>Denomination: </FONT></B><FONT lang=ES-AR style="FONT-SIZE: 10pt" face=arial,sans-serif>IRSA Inversiones y Representaciones Sociedad An&#243;nima.</FONT></P>

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<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Fiscal year N&#176;.: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>73, beginning on July 1st, 2015.</FONT></P>

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<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Legal address: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>108 Bol&#237;var St., 1st floor, Autonomous City of Buenos Aires, Argentina.</FONT></P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Company activity: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Real estate investment and development.</FONT></P>

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<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Date of registration of the by-laws in the Public Registry of Commerce: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>June 23, 1943.</FONT></P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>Date of registration of last amendment of the by-laws in the Public Registry of Commerce: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>March 15, 2013.</FONT></P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Expiration of the Company&#8217;s by-laws: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>April 5, 2043.</FONT></P>

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<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Registration number with the Superintendence: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>213,036.</FONT></P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>Capital:</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>578,676,460 shares.</FONT></P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Common Stock subscribed, issued and paid up (in thousands of Ps.):</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>578,676.</FONT></P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 10pt" face=arial,sans-serif>Parent Company:</FONT></B><FONT lang=ES-AR style="FONT-SIZE: 10pt" face=arial,sans-serif> Cresud Sociedad An&#243;nima, Comercial, Inmobiliaria, Financiera y Agropecuaria (Cresud S.A.C.I.F. y A.).</FONT></P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Legal Address: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>877 Moreno St., 23rd. floor, Autonomous City of Buenos Aires, Argentina.</FONT></P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Main activity: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Real estate, agricultural, commercial and financial activities.</FONT></P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest of the Parent Company on the capital stock: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>372,112,411 common shares.</FONT></P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Percentage of votes of the Parent Company on the shareholders&#8217; equity:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> 64.3%.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 6pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 6pt" vAlign=bottom rowSpan=2 width="46%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face=arial,sans-serif>Type of stock</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 6pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 6pt" vAlign=bottom width="54%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face=arial,sans-serif>CAPITAL STATUS</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 6pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 6pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face=arial,sans-serif>Authorized for Public Offer of Shares (*)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face=arial,sans-serif>Subscribed, Issued and Paid up (in thousands of Pesos)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 6pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 6pt" width="46%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face=arial,sans-serif>Common stock with a face value of Ps. 1 per share and entitled to 1 vote each</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 6pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 6pt" width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>578,676,460</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 6pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 6pt" width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>578,676</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(*) Company not included in the Optional Statutory System of Public Offer of Compulsory Acquisition.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>1</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia><FONT lang=ES-TRAD style="FONT-SIZE: 14pt" face=georgia> </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-TRAD style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Unaudited Condensed Interim Consolidated Statements of Financial Position</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>as of September 30, 2015 and June 30, 2015</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Note</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>09.30.2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>06.30.2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>ASSETS</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Non- Current Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,466,949</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,490,077</FONT></P></TD></TR>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>242,428</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>243,134</FONT></P></TD></TR>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Trading properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>122,074</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>128,104</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>126,495</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>127,409</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Investments in associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>8,9</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,771,407</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,172,549</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Deferred income tax assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>52,637</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>52,810</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Income tax and minimum presumed income tax ("MPIT") credit</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>108,670</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>108,522</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Trade and other receivables</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>140,872</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>115,141</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Investments in financial assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>600,221</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>702,503</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>323,637</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>206,407</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Total Non-Current Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>7,955,390</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>8,346,656</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Current Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Trading properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>4,088</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,300</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>22,675</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>22,770</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Restricted assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>16</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>9,771</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>9,424</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Income tax and minimum presumed income tax ("MPIT") credit</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>16,854</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>19,009</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Trade and other receivables</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,194,658</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,142,567</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Investments in financial assets</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>712,099</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>295,409</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>35,955</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>29,158</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>20</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>698,216</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>375,180</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Current Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,694,316</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,896,817</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>TOTAL ASSETS</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10,649,706</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10,243,473</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>SHAREHOLDERS&#8217; EQUITY</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.2pt 0pt 0cm; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Capital and reserves attributable to equity holders of the parent</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Share capital</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>574,874</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>574,451</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Treasury stock </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,802</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>4,225</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Inflation adjustment of share capital and treasury stock</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>123,329</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>123,329</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Share premium </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>793,123</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>793,123</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Additional paid-in capital from treasury stock</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10,733</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>7,233</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Cost of treasury stock</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(30,130)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(33,729)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Changes in non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(14,258)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(5,659)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Reserve for share-based compensation</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>33</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>61,055</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>63,824</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Legal reserve </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>116,840</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>116,840</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Special reserve </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,824</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,824</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Cumulative translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>341,062</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>305,852</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Retained earnings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>245,248</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>520,940</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.2pt 0pt 0cm; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total capital and reserves attributable to equity holders of the parent</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,229,502</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,474,253</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>351,828</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>396,913</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>TOTAL SHAREHOLDERS&#8217; EQUITY</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,581,330</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,871,166</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>LIABILITIES</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Non-Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Trade and other payables</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>263,138</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>254,628</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>4,289,470</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,736,028</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>264,098</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>263,969</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Deferred income tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>98,871</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>51,440</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Salaries and social security liabilities</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,215</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,220</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Provisions </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>23</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>396,967</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>374,121</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Income tax and minimum presumed income tax ("MPIT") liabilities</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>59,896</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Non-Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5,374,655</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>4,682,406</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Trade and other payables</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>964,287</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>895,996</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Borrowings </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,294,246</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,247,796</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt 32.35pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -32.35pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>238,909</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>236,611</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0pt 0pt 32.35pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -32.35pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Salaries and social security liabilities</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>73,257</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>122,606</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Provisions </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>23</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>51,875</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>51,512</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Income tax and minimum presumed income tax ("MPIT") liabilities</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>71,147</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>135,380</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,693,721</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,689,901</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>TOTAL LIABILITIES</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>8,068,376</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>7,372,307</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="56%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>TOTAL SHAREHOLDERS&#8217; EQUITY AND LIABILITIES</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10,649,706</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10,243,473</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 2.85pt 0pt 14.2pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements. </FONT></P>

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<TR style="HEIGHT: 59.45pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT><U><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></U></FONT></FONT><FONT color=white face=arial,sans-serif><U><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=white face=arial,sans-serif>.</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Fernando A. Elsztain</FONT></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Director Acting as President</FONT></FONT><FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>2</FONT></FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia><FONT lang=ES-TRAD style="FONT-SIZE: 14pt" face=georgia> </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-TRAD style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 2.85pt 0pt 14.2pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Consolidated Statements of Income</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; for the three-month periods ended September 30, 2015 and 2014</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Note</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09.30.2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09.30.2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 22.95pt 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income from sales, rents and services </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>713,549</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>588,647</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income from expenses and collective promotion fund (&#8220;FPC&#8221;)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>254,941</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>201,422</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>28</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(435,134)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(353,494)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0cm 2.85pt 0pt 1.7pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross Profit </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>533,356</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>436,575</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of investment properties </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>389,815</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>317,486</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>29</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(131,086)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(79,389)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>29</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(54,963)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(37,422)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating results, net </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>31</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,098)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,818</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit from operations </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>724,024</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>640,068</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of loss of associates and joint ventures </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,9</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(491,412)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(111,650)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit before financial results and income tax </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>232,612</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>528,418</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0cm 2.85pt 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>46,399</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>23,825</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 2.85pt 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance costs </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(334,312)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(327,126)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0cm 2.85pt 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other financial results </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(148,397)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>87,013</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial results, net </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(436,310)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(216,288)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit before income tax </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(203,698)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>312,130</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(112,269)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(176,331)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit for the period </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(315,967)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>135,799</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 8.75pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 27.95pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Attributable to:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 27.95pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity holders of the parent </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(275,692)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 27.95pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,258</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-controlling interest </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(40,275)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 27.95pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>132,541</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 27.95pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit per share attributable to equity holders of the parent during the period:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 27.95pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Basic </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.48)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 27.95pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.01</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Diluted&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.48)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 27.95pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.01</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT><U><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></U></FONT></FONT><FONT color=white face=arial,sans-serif><U><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=white face=arial,sans-serif>.</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Fernando A. Elsztain</FONT></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Director Acting as President</FONT></FONT><FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>3</FONT></FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia><FONT lang=ES-TRAD style="FONT-SIZE: 14pt" face=georgia> </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-TRAD style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 14.2pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Consolidated Statements of Income</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; for the three-month periods ended September 30, 2015 and 2014</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09.30.2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09.30.2014</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit for the period </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(315,967)</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>135,799</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other comprehensive income:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.7pt">

   <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Items that may be reclassified subsequently to profit or loss: </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.95pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment </FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>35,873</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>45,063</FONT></P></TD></TR>

<TR style="HEIGHT: 13.15pt">

   <TD style="HEIGHT: 13.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other comprehensive income for the period (i)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>35,873</FONT></B></P></TD>

   <TD style="HEIGHT: 13.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>45,063</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.15pt">

   <TD style="HEIGHT: 13.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total comprehensive (loss) / income for the period </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(280,094)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>180,862</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.2pt">

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Attributable to:</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity holders of the parent </FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(240,482)</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>39,914</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-controlling interest </FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(39,612)</FONT></P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>140,948</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 2.85pt 0pt 7.1pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 14.2pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Components of other comprehensive income have no impact on income tax.</FONT></P>

<P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 42.6pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 59.45pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 59.45pt" vAlign=top width="99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT><U><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></U></FONT></FONT><FONT color=white face=arial,sans-serif><U><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=white face=arial,sans-serif>.</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Fernando A. Elsztain</FONT></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Director Acting as President</FONT></FONT><FONT></FONT></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>4</FONT></FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia><FONT style="FONT-SIZE: 14pt" lang=ES-TRAD face=georgia> </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-TRAD face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders&#8217; Equity</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>for the three-month periods ended September 30, 2015 and 2014</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="65%" colSpan=13>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Attributable to equity holders of the parent</FONT></B></P></TD>

   <TD vAlign=bottom width="5%">&nbsp;</TD>

   <TD vAlign=bottom width="5%">&nbsp;</TD></TR>

<TR style="HEIGHT: 62pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Share capital</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Treasury stock</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Inflation adjustment</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>of share capital and treasury</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>stock (2)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Share premium</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Additional paid-in capital from treasury stock</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Cost of treasury </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>stock</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Changes in non-controlling interest</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Reserve for share-based compensation</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Legal reserve</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Special reserve </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Cumulative translation adjustment</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Retained earnings</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Non-controlling interest</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 62pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Shareholders&#180; equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Balance at July 1<SUP>st</SUP>, 2015 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>574,451</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>4,225</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>123,329</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>793,123</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>7,233</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(33,729)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(5,659)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>63,824</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>116,840</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,824</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>305,852</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>520,940</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,474,253</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>396,913</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,871,166</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Loss for the period </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(275,692)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(275,692) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(40,275)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(315,967)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Other comprehensive income for the period </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>35,210</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>35,210 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>663</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>35,873</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 10pt; TEXT-INDENT: 3.5pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total comprehensive income / (loss) for the period </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>35,210</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(275,692)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(240,482) </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(39,612)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(280,094)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Reserve for share-based compensation&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>4,330</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>4,330</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>4,330</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 9.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Share-based compensation plan cancellations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>423 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(423)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,500 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,599 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(7,099)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Changes in non-controlling interest </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(8,599)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(8,599)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(879)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(9,478)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Dividends distribution to non-controlling interest </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(4,499)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(4,499)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Capital contribution from non-controlling interest </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(95)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(95)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Balance at September 30, 2015 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>574,874 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,802 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>123,329 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>793,123 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>10,733 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(30,130)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(14,258)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>61,055 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>116,840 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,824 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>341,062</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>245,248</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,229,502</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>351,828</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,581,330</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Related to CNV General Resolution N&#176; 609/12. See Note 26.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Includes Ps. 811 of Inflation adjustment treasury stock. See Note 26.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=ES color=#333333 face=arial,sans-serif>Fernando A. Elsztain</FONT></FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=ES color=#333333 face=arial,sans-serif>Director Acting as President</FONT></FONT><FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>5</FONT></FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia><FONT style="FONT-SIZE: 14pt" lang=ES-TRAD face=georgia> </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-TRAD face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders&#8217; Equity</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>for the three-month periods ended September 30, 2015 and 2014</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

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<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="65%" colSpan=13>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Attributable to equity holders of the parent</FONT></B></P></TD>

   <TD vAlign=top width="5%">&nbsp;</TD>

   <TD vAlign=top width="5%">&nbsp;</TD></TR>

<TR style="HEIGHT: 47.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Share capital</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Treasury stock</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Inflation adjustment of share capital and treasury stock (2)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Share premium</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Cost of treasury stock</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Changes in non-controlling interest</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Reserve for share-based compensation</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Legal reserve</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Special reserve </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Reserve <BR>for new development</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Cumulative translation adjustment</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Retained earnings</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Subtotal</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Non-controlling interest</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 47.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Shareholders' equity</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Balance at July 1<SUP>st</SUP>, 2014 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>573,771</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>4,905</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>123,329</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>793,123</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(37,906)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(21,808)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>53,235</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>116,840</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>375,487</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>413,206</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>398,931</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(784,869)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,008,244</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>548,352</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,556,596</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Profit for the period </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,258</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,258</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>132,541</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>135,799</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Other comprehensive income for the period </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>36,656</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>36,656</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>8,407</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>45,063</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total comprehensive income for the period </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>36,656</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,258</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>39,914</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>140,948</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>180,862</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Reserve for share-based compensation (Note 33)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>10,064</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>10,064</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>10,064</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Capital distribution to non-controlling interest </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(3,786)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(3,786)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Changes in non-controlling interest </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>4,904</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>4,904</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(5,998)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(1,094)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Capital contribution from non-controlling interest </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>275</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>275</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: left; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Balance at September 30, 2014</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>573,771</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>4,905</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>123,329</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>793,123</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(37,906)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(16,904)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>63,299</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>116,840</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>375,487</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>413,206</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>435,587</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(781,611)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,063,126</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>679,791</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,742,917</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Related to CNV General Resolution N&#176; 609/12. See Note 26.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>(4)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Includes Ps. 1,045 of Inflation adjustment treasury stock. See Note 26.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; TEXT-INDENT: -63.8pt; MARGIN: 0cm 0cm 0pt 9.95pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT><U><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></U></FONT></FONT><FONT color=white face=arial,sans-serif><U><FONT style="FONT-SIZE: 7pt" lang=ES-AR color=white face=arial,sans-serif>.</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=ES color=#333333 face=arial,sans-serif>Fernando A. Elsztain</FONT></FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=ES color=#333333 face=arial,sans-serif>Director Acting as President</FONT></FONT><FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>6</FONT></FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm" align=center><B><FONT><FONT face=georgia><B><FONT lang=ES-AR style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia><FONT lang=ES-TRAD style="FONT-SIZE: 14pt" face=georgia> </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-TRAD style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 16pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Consolidated Statements of Cash Flows </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 16pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>for the three-month periods ended September 30, 2015 and 2014</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Note</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09.30.2015</FONT></B></P></TD>

   <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09.30.2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.05pt">

   <TD style="HEIGHT: 5.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating activities:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash generated by operations before income tax paid </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>441,137</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>306,855</FONT></P></TD></TR>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and Minimum Presumed Income tax paid </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(66,995)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(54,761)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net cash generated by operating activities </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>374,142</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>252,094</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investing activities:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital contributions in associates and joint ventures </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8.9</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(34,329)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(3,280)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchases of associates and joint ventures </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8.9</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(268,975)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchases of investment properties </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(46,780)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(228,662)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from sale of investment properties </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>387,557</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>1,507,060</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchases of property, plant and equipment </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(5,723)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(11,685)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchases of intangible assets </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(24)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(383)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchase of investments in financial assets </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1,283,245)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(309,178) </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from sale of investments in financial assets </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>699,564</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>361,080</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from sale of equity interest in associates and joint ventures </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>19,139</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest received from financial assets </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>702</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>3,175</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans granted to associates and joint ventures </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>49</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends received </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>290</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net cash (used in) generated by investing activities </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(282,278)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>1,068,630</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financing activities:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from borrowings </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>531,437</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>327,819</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Payments of borrowings </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(226,217)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(684,650)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment of non-convertible notes </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(95,636)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment of financial leasing </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(800)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(592) </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends paid </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(42,773)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(48,055) </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Acquisition of non-controlling interest in subsidiaries </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(8,599)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1,094)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital contribution of non-controlling interest </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>275</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital distribution to non-controlling interest </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(3,786)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends paid to non-controlling interest </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(5,473)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest paid </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(206,024)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(192,204) </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans from associates and joint ventures, net </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>13,009</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Repurchase of non-convertible notes </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(120,803)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment of seller financing of shares </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(105,861) </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Issuance of non-convertible notes </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>403,051</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Payments related to derivative financial instruments </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(14,032)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(16,213)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net cash generated by (used in) financing activities </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>214,131</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(711,352)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net Increase in cash and cash equivalents </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>305,995</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>609,372</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents at beginning of year </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>375,180</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>609,907</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign exchange gain on cash and cash equivalents </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>17,041</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>26,217</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents at end of period </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>698,216</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>1,245,496</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>&nbsp; The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT><U><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></U></FONT></FONT><FONT color=white face=arial,sans-serif><U><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=white face=arial,sans-serif>.</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Fernando A. Elsztain</FONT></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Director Acting as President</FONT></FONT><FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>7</FONT></FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B></FONT></FONT></B><B><FONT><FONT face=arial,sans-serif></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group&#8217;s business and general information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IRSA Inversiones y Representaciones Sociedad An&#243;nima (&#8220;IRSA&#8221;, &#8220;the Company&#8221;, &#8220;Us&#8221; or &#8220;the Society&#8221;) was founded in 1943 and is engaged in a diversified range of real estate activities in Argentina since 1991.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IRSA and its subsidiaries are collectively referred to hereinafter as &#8220;the Group&#8221;. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of September 30, 2015, the Group operates in six business segments. See Note 6 to the Consolidated Financial Statements as of June 30, 2015 for a description of such segments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The group&#8217;s real estate business operations are conducted primarily through IRSA and its principally subsidiary, IRSA Propiedades Comerciales S.A. (&#8220;IRSA CP&#8221;). Through IRSA CP and IRSA, the Group owns, manages and develops shopping centers across Argentina, a portfolio of office and other rental properties in the Autonomous City of Buenos Aires, and it entered the US real estate market in 2009, mainly through the acquisition of non-controlling interests in office buildings and hotels. Through IRSA or IRSA CP, the Group also develops residential properties for sale. The Group, through IRSA, is also involved in the operation of branded hotels. The Group uses the term &#8220;real estate&#8221; indistinctively in these consolidated financial statements to denote investment, development and/or trading properties activities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>During the fiscal year ended June 30, 2014, the Group made an investment in the Israeli market through Dolphin Fund Ltd. (&#8220;DFL&#8221;) and Dolphin Netherlands B.V. (&#8220;DN B.V.&#8221; and together with DFL &#8220;Dolphin&#8221;), in IDB Development Corporation Ltd. (&#8220;IDBD&#8221;) (an Israeli Company), of an initial interest of 26.65%. During fiscal year ended June 30, 2015, the Group continued investing in IDBD, increasing its indirect interest as of June 30, 2015, to 49%. During the three-month-period ended on September 30, 2015 the Group did not invest further in the company. IDBD is one of the Israeli largest and most diversified conglomerates, which is involved, through its subsidiaries, in several markets and industry, including real estate, retail, agribusiness, insurance, telecommunications, etc.; controlling or participating in companies as: Clal Insurance (Insurance Company), Cellcom (Mobile phone services), Adama (Agrochemicals), Super-Sol (supermarket), PBC (Real Estate), among others. IDBD is listed in Tel Aviv Stock Exchange (&#8220;TASE&#8221;) since May, 2014.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>8</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group&#8217;s business and general information</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The activities of the Group&#8217;s segment &#8220;Financial operations and others&#8221; is carried out mainly through Banco Hipotecario S.A. (&#8220;BHSA&#8221;), where we have a 29.99% interest (without considering treasury shares of our own). BHSA is a commercial bank offering a wide variety of banking activities and related financial services to individuals, small and medium-sized companies and large corporations, including the provision of mortgaged loans. BHSA&#8217;s shares are listed on the Buenos Aires Stock Exchange (&#8220;BASE&#8221;). Besides that, the Group has a 43.15% interest in Tarshop S.A (&#8220;Tarshop&#8221;), which main activities are credit card and loan origination transactions.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IRSA&#8217;s shares are listed and traded on both the BASE and the New York Stock Exchange (&#8220;NYSE&#8221;). IRSA CP shares are listed and traded on both the BASE and the NASDAQ.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cresud S.A.C.I.F y A. is our ultimate parent company and is a corporation incorporated and domiciled in Argentina. The address of its registered office is 877 Moreno St., Floor 23, Autonomous City of Buenos Aires, Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>These Unaudited Condensed Interim Consolidated Financial Statements have been approved for issue by the Board of Directors on November 11, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Summary of significant accounting policies</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis of preparation of the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54.2pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Basis of preparation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Unaudited Condensed Interim Consolidated Financial Statements have been prepared in accordance with IAS 34 &#8220;Interim Financial Reporting&#8221;. Furthermore, some additional issues were included as required by the Business Companies Act and/or regulations of the CNV, including supplementary information provided in the last paragraph of section 1, Chapter III, Title IV of General Ruling 622/13 of the CNV. Such information is included in the Notes to the Unaudited Condensed Consolidated Interim Financial Statements, as admitted by the International Financial Reporting Standard (IFRS).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>These Unaudited Condensed Interim Consolidated Financial Statements should be read together with the Annual Consolidated Financial Statements of the Group as of June 30, 2015 prepared in accordance with IFRS in force. These Unaudited Condensed Interim Consolidated Financial Statements are presented in thousands of Argentine Pesos.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>These Unaudited Condensed Interim Consolidated Financial Statements corresponding to the three-month periods ended September 30, 2015 and 2014 have not been audited. The management believes they include all necessary adjustments to fairly present the results of each period. The Company&#8217;s three-month periods ended September 30, 2015 and 2014 results do not necessarily reflect the proportion of the Group&#8217;s full-year results.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>9</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Basis of preparation of the Unaudited Condensed Interim Consolidated Financial Statements</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.2.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Accounting policies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The accounting policies applied in the presentation of these Unaudited Condensed Interim Consolidated Financial Statements are consistent with those applied in the preparation of the information under IFRS as of June 30, 2015. The principal accounting policies are described in Note 2 of the Consolidated Financial Statements for the year ended June 30, 2015.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Use of estimates</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The preparation of financial statements at a certain date requires the Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual results might differ from the estimates and evaluations made at the date of preparation of these financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In the preparation of these Unaudited Condensed Interim Consolidated Financial Statements, the significant judgments made by Management in applying the Group&#8217;s accounting policies and the main sources of uncertainty were the same applied by the Group in the preparation of the Annual Consolidated Financial Statements for the year ended June 30, 2015, save for changes in accrued income tax, provision for legal claims, provision for Directors' fees, allowance for bad debts and accrued supplementary rental.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Additionally, to estimate the market value of its investment in IDBD, in this&nbsp; period the Group chose to stop considering the listed price (Level 1 valuation) and to adopt a valuation model based on unobservable variables (Level 3 valuation), as a result of the circumstances described in Note 15.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Comparative Information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 27pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Balance items as of June 30, 2015 and September 30, 2014 shown in these financial statements for comparative purposes arise from the Consolidated Financial Statements then ended. Certain reclassifications have been made in order to present figures comparatively with those of this period.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>10</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Seasonal effects on operations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 27pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The operations of the Group&#8217;s shopping centers are subject to seasonal effects, which affect the level of sales recorded by lessees. During summer time (January and February), the lessees of shopping centers experience the lowest sales levels in comparison with the winter holidays (July) and year-end holidays (December) when they tend to record peaks of sales. Apparel stores generally change their collections during the spring and the fall, which impacts positively on shopping mall sales. Sale discounts at the end of each season also affect the business. As a consequence, a higher level of revenues is generally expected in the second half of the year rather than the first in shopping center operations.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Acquisitions, dispositions, transactions and/or authorization pending approval</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Acquisition and disposals</FONT></B></P>

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<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 12pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>For the three-month period ended September 30, 2015</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Sale of investment properties</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On July 10, 2015, the Group through IRSA signed the transfer deed for the sale of the 16th floor of Maip&#250; 1300 building. The transaction Price was set at US$ 1.5 million. Such transaction generated a gain before tax of approximately Ps. 12.3 million.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On July 24, 2015, the Group through IRSA signed the transfer deed for the sale of the 4th floor of Maip&#250; 1300 building. The transaction Price was set at Ps. 21.7 million. Such transaction generated a gain before tax of approximately Ps. 20.0 million.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On July 31, 2015, the Group through IRSA signed the transfer deed for the sale of the 18th floor of&nbsp;&nbsp;&nbsp; Maip&#250; 1300 building. The transaction Price was set at US$ 1.6 million. Such transaction generated a gain before tax of approximately Ps. 12.9 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On August 24, 2015, the Group through IRSA signed the transfer deed for the sale of the 3rd floor of Maip&#250; 1300 building. The transaction Price was set at US$ 1.5 million. Such transaction generated a gain before tax of approximately Ps. 11.9 million.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On September 3, 2015, the Group, through IRSA sold the lands of &#8220;Isla Sirgadero&#8221;, located in Santa Fe Province. The transaction Price was set at US$ 4.0 million. Such transaction generated a gain before tax of approximately Ps. 32.6 million.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On September 10, 2015, the Group through IRSA CP, transferred 5,963 square meters corresponding to seven offices floors, 56 parking units and 3 storage units of Intercontinental Plaza Building. The transaction price was set at Ps. 324.5 million, which has already been fully paid. Gross profit of this operation amounted to Ps. 300.0 million.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Acquisitions, dispositions, transactions and/or authorization pending approval</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>All sales mentioned above led to a combined profit for the Group of Ps. 389.8 million, disclosed within the line &#8220;Gain from disposal of investment properties&#8221; in the statement of income.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Investment in IDBD</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On May 7, 2014, a transaction was closed whereby the Group, acting indirectly through Dolphin, acquired, jointly with C.A.A. Extra Holdings Limited, a non-related company incorporated under the laws of the State of Israel, controlled by Mordechay Ben Mosh&#233; (hereinafter, &#8220;ETH&#8221;), an aggregate number of 106.6 million common shares in IDBD representing 53.30% of its stock capital, under the scope of the debt restructuring of IDBD&#8217;s holding company, IDB Holdings Corporation Ltd. (&#8220;IDBH&#8221;), with its creditors (the &#8220;Arrangement&#8221;). Under the terms of the agreement entered into between Dolphin and E.T.H.M.B.M. Extra Holdings Ltd., a company controlled by Mordechay Ben Mosh&#233;, to which Dolphin and ETH agreed to (the &#8220;Shareholders' Agreement&#8221;), Dolphin jointly with other third party investors acquired a 50% interest in this investment, while ETH acquired the remaining 50%. The initial total investment amount was NIS 950 million, equivalent to approximately US$ 272 million at the exchange rate prevailing on that date. During fiscal year 2015 Dolphin continued investing in IDBD and as of June 30, 2015, the IRSA's indirect equity interest in IDBD amounted to approximately 49%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On August 27, 2015, DIC published a rights offering memorandum according to the Proposal to IDBD and DIC (see on this regard note 9 &#8220;Interest in associates&#8221; accompanying these financial statements) and on September 6, 2015 issued right for every 1000 shares of DIC, which would be exercised automatically and cost-free on the same day for 224 Series 3 warrants, 204 Series 4 warrants, 204 Series 5 warrants and 204 Series 6 warrants, each. Each DIC warrant is convertible to 1 share of DIC and has the following characteristics:</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Series 3 warrants are exercisable at NIS 6.54 and mature on December 21, 2015;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Series 4 warrants are exercisable at NIS 7.183 and mature on December 21, 2016;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Series 5 warrants mature on December 21, 2017. The exercise price is NIS 7.183 until December 20, 2016, and NIS 7.836 thereafter.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Series 6 warrants mature on December 21, 2018. The exercise price is NIS 7.183 until December 20, 2016, and NIS 8.489 thereafter.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Pursuant to the above said, on September 6, 2015 Dolphin received 91,163 warrants Series 3 and 83,023 warrants Series 4, 5 and 6 from DIC. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>12</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Acquisitions, dispositions, transactions and/or authorization pending approval</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>As a result of the transactions described above, as of September 30, 2015, Dolphin held an aggregate number of 324,445,664 shares, 15,998,787 Series 3 warrants, 24,897,859 Series 4 warrants, 109,342,966 Series 5 warrants and 97,833,180 Series 6 warrants, accounting for a 49.0% share interest in IDBD. Additionally, on September 30, 2015, Dolphin held 406,978 shares of DIC, 91,163 Series 3 warrants and 83,023 Series 4, 5 and 6 warrants of DIC, accounting for a direct equity interest of 0.48%.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>As of September 30, 2015, IDBD&#8217;s Board of Directors consists of nine members, three of whom have been designated by Dolphin, Eduardo Sergio Elsztain (President), Roni Bar-On (on July 7 Roni Bar- On replaced Alejandro Gustavo Elsztain) and Sa&#250;l Zang.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>During February and March 2015 Dolphin and ETH initiate an exchange of letters mainly in relation to claims from ETH in connection with the Rights Offering and ETH&#8217;s claim demanding a pro rata acquisition of the shares in IDBD owned by Dolphin and subscribed for under the Rights Offering and all the shares acquired thereafter by IFISA asserting in the latter case the rights under the Shareholders&#8217; Agreement (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>first refusal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>). </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Based on the foregoing and in accordance with the provisions of the Shareholders&#8217; Agreement with respect to dispute resolution, on April 30, 2015 (the &#8220;Preliminary Hearing&#8221;) arbitration proceedings were initiated in English language, in Tel Aviv, and the Israeli law applies thereto.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The arbitration proceedings are intended to settle the issues referred to above, and application and interpretation of certain clauses of the Shareholders' Agreement. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In addition, during such Preliminary Hearing, the parties agreed on the rules and procedures that would govern the conduct of the arbitration proceedings and a schedule for such purposes. Appointment of an arbitrator was approved and, as a result, any applicable statutory terms began running thereafter.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On May 28, 2015, before the filing of the arbitration claim, ETH made a preliminary petition to the arbiter that triggered application of the Buy Me Buy You (&#8220;BMBY&#8221;) clause, which establishes that each party to the Shareholders&#8217; Agreement may offer to the counterparty to acquire (or sell, as the case may be) the shares it holds in IDBD at a fixed price; and within 14 days from delivery of the BMBY notice (the &#8220;Notice&#8221;) recipient should let it know whether it desires to sell or acquire the other party&#8217;s shares pursuant to the terms of the Notice, in accordance with the provisions of the Shareholders&#8217; Agreement. In such petition, ETH further added that the purchaser thereunder would be required to assume all obligations of seller under the Arrangement.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In addition, on June 10 and 11, 2015, Dolphin gave notice to ETH of its intention to buy all the shares in IDBD held by ETH, asserted its defenses and its interpretation about application and construction of the BMBY, establishing that ETH&#8217;s interpretation of such mechanism was erroneous. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Acquisitions, dispositions, transactions and/or authorization pending approval</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>As a result, the parties pursued arbitration to settle their disputes and in respect of the correct interpretation of the BMBY clause, in order to determine, first, who is the purchaser under the BMBY clause, and whether such party will be under the obligation to assume all the obligations of seller under the Arrangement.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>For such purposes, the arbiter decided to divide the arbitration proceedings into two phases: the first one to deal with the disputes related to application and interpretation of the mechanism under the BMBY clause and the second one in relation to the parties&#8217; additional petitions or claims.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Moreover, on June 28 and 30, 2015 ETH filed a motion with the arbiter requesting an injunction preventing changes in IDBD&#8217;s current Board of Director&#8217;s composition at IDBD&#8217;s annual shareholders&#8217; meeting held on July 7, 2015.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On July 6, 2015, the arbiter granted such injunction as requested by ETH, for which reason Dolphin appointed only 3 directors for the next meeting and could appoint such number of directors until the arbiter issues a final decision about who is the purchaser under the BMBY process. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On September 24, 2015 the arbitrator issued its award, which provided that: (i) Dolphin and IFISA are entitled to act as buyers in the BMBY process, and ETH should sell IDBD shares held by it (92,665,929 shares) at a NIS price of 1.64 per share; (ii) the buyer must fulfill all of the commitments included in the seller&#8217;s Arrangement, including the commitment to carry out Tender Offers and the obligation to engage in capital increases; (iii) the buyer must pledge in favor of the Arrangement Trustees the shares that seller had pledged to them; (iii) the parties will have 16 days to complete the BMBY process from the time of notice of this award.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>As Dolphin is a subsidiary that qualifies as a VCO in accordance with the IAS 28 exemption referred to in Note 2.3 (d) to the Consolidated Financial Statements for the fiscal year ended June 30, 2015, the Company has recorded its interest in IDBD at fair value with changes in the income statement.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>14</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Acquisitions, dispositions, transactions and/or authorization pending approval</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Changes in non-controlling interest</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IRSA CP</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>During the tree-month period ended September 30, 2015, the Group acquired 115,643 shares of IRSA CP for an amount of Ps. 3.1 million (14,501 were acquired by IRSA and the remaining 101.592 by the subsidiary Tyrus). As a result of this transaction, the non-controlling interest was reduced by Ps. 0.8 million and the interest attributable to the shareholders&#8217; of the controlling parents was reduced by Ps. 9.5 million. The equity interest in IRSA CP as of September 30, 2015 amounts to 95.90%. The effect on shareholders&#8217; equity of this change in the equity interest in IRSA CP is summarized as follows:</FONT></P>

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   <P style="MARGIN: 0cm 2.55pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.55pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Ps.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Carrying value of non-controlling interest </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>879</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Price paid for the non-controlling interest </FONT></P></TD>

   <TD style="HEIGHT: 5.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>(9,478)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Reserve recognized in the Shareholders&#8217; equity </FONT></P></TD>

   <TD style="HEIGHT: 5.8pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>(8,599)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial risk management and fair value estimates</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.1</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The group&#180;s diverse activities are exposed to a variety of financial risk: market risk (including foreign currency risk, interest rate risk and price risk) credit risk, liquidity risk and capital risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Unaudited Condensed Interim Consolidated Financial Statements do not include all the information and disclosures on financial risk management; therefore they should be read along with the annual consolidated financial statements for the year ended June 30, 2015. There have been no changes in the risk management or risk management policies applied by the Group since year end. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value estimates</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Since June 30, 2015 there have been no significant changes in business or economic circumstances affecting the fair value of the Group's assets or liabilities (either measured at fair value or amortized cost). Furthermore, there have been certain transfers between the different hierarchies used to assess the fair value of the Group's financial instruments, which are described in Note 15.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IFRS 8 requires an entity to report financial and descriptive information about its reportable segments, which are operating segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the Group&#8217;s Executive Committee (Chief Operating Decision Maker, &#8220;CODM&#8221;), without prejudice of the powers and responsibilities of the management body, that is the Board of Directors, in deciding how to allocate resources and in assessing performance. The Executive Committee evaluates the business based on the differences in the nature of its products, operations and risks. The amount reported for each segment item is the measure reported to the Executive Committee and subsequently informed for these purposes to the top management body that is the Group's Board of Directors. In turn, the Board of Directors&#8217; management is assessed by the Shareholders&#8217; Meeting, which is the governance body.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Operating segments identified are disclosed as reportable segments if they meet any of the following quantitative thresholds: </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The operating segment&#8217;s reported revenue, including both sales to external customers and inter-segment sales or transfers, is ten per cent or more of the combined revenue, internal and external, of all operating segments;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The absolute amount of its reported profit or loss is ten percent or more, in absolute amount, of the greater of: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>the combined reported profit of all operating segments that do not report a loss; and </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="courier new">o</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>the combined reported loss of all operating segments that report a loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Its assets are ten percent or more of the combined assets of all operating segments. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As well as this, the operating segments that do not meet any of the quantitative thresholds may be considered as reportable segments if the management estimates that this information could be useful for the users of the financial statements.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>If, after determining reportable segments in accordance with the preceding quantitative thresholds, the total external revenue attributable to those segments amounts to less than 75% of the total Group&#8217;s consolidated external revenue, additional segments are identified as reportable segments, even if they do not meet the thresholds described above, until at least 75% of the Group&#8217;s consolidated external revenue is included in reportable segments. Once the 75% of the Group&#8217;s consolidated external revenue is included in reportable segments, the remaining operating segments may be aggregated in the &#8220;Other segments&#8221; column.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information has been prepared and classified according to different types of businesses in which the Group conducts its activities. The Group operates in an area of &#8220;Investment and Development Properties business&#8221; which comprises the following segments: </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&#8220;Shopping Centers&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> segment includes the operating results of the Group&#8217;s shopping centers portfolio principally comprised of lease and service revenues related to rental of commercial space and other spaces in the shopping centers of the Group. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&#8220;Offices and others&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> segment includes the operating results of the Group&#8217;s lease revenues of office and other rental space and other service revenues related to the office activities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&#8220;Sales and Development&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> segment includes the operating results of the sales of Undeveloped parcels of land and/or trading properties, as the results related with its development and maintenance. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Also included in this segment are the results of the sale of real property intended for rent, sales of hotels and other properties included in the international segment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>"Hotel"</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> segment includes the operating results of the Group&#8217;s hotels mainly comprised of room, catering and restaurant revenues. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&#8220;International&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> segment includes profit or loss on investments in subsidiaries and/or associates that mainly operate in the United States in relation to the lease of office buildings and hotels in that country, and the results arising from investment in IDBD at fair value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&#8220;Financial operations and others&#8221;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> segment primarily includes the financial activities carried out by the associates Banco Hipotecario S.A. and Tarshop S.A., and consumer finance residual financial operations of Apsamedia S.A. (currently merged with IRSA CP). Furthermore, the e-commerce activities conducted through the associate Avenida Inc. were also included until the first quarter of the fiscal year ended June 30, 2015. This investment began to be considered a financial asset as from the second quarter of the mentioned year.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group&#8217;s Executive Board periodically reviews the results and certain asset categories corresponding to these segments. The valuation criteria used in preparing this information are consistent with IFRS standards used for the preparation of the consolidated financial statements, except for the investments in joint ventures: Cyrsa S.A., Nuevo Puerto Santa Fe S.A., Puerto Retiro S.A., Baicom Networks S.A. and Quality Invest S.A., which are reported to the Group&#8217;s Executive Board, applying proportional consolidation method. Under this method the income/loss generated and assets, are reported in the income statement line-by-line rather than in a single item as required by IFRS. Under this method, each reported asset contains the Group&#8217;s proportionate share in the same asset class in these joint ventures. As an example, the amount of investment properties reported to the Executive Board includes (i) the balance of investment properties as stated in the statement of financial position, plus (ii) the Group&#8217;s share in the balances of investment properties of joint ventures. Management believes that the proportional consolidation method provides more useful information to understand the business return. Moreover, operating results of Entertainment Holding S.A. ("EHSA") joint venture is accounted for under the equity method. Management believes that, in this case, this method provides more adequate information for this type of investment, given its low materiality and considering it is a company without direct trade operations, where the main asset consists of an indirect interest of 25% of La Rural S.A..</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following asset categories are reviewed by the Group&#8217;s Executive Board: investment properties, property, plant and equipment; trading properties, goodwill, rights to receive future units through barter agreements, inventories, investment in associates and investment in EHSA joint venture. The sum of these assets, classified by business segment, is reported under &#8220;assets by segment&#8221;. Assets are allocated to each segment based on the operations and/or their physical location. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Goods and services exchanged between segments are calculated on the basis of market prices. Intercompany transactions between segments, if any, are eliminated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The shopping center properties of the Group are all located in Argentina, the country of domicile of the Group. Mainly, the Group&#8217;s offices and other rental properties are also located in Argentina. Properties of the Group located in United States, are disclosed in column "International". The Group&#8217;s hotels are located in Argentina and United States. The Group&#8217;s trading properties are located in Argentina and Uruguay.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>18</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In the last quarter of the fiscal year ended June 30, 2015, the Group has changed the presentation of the Statements of income which is reviewed by the CODM for purposes of assigning resources and assessing performance for the fiscal year for a better alignment with the current business vision and the metrics used to such end.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> These amendments affected the shopping centers and office segments. The information examined by the CODM does not include the amounts pertaining to building administration expenses and collective promotion funds (&#8220;FPC&#8221;, as per its Spanish acronym) from the Statements of income, and so does it exclude total recovered costs, as they are not analyzed to assess the operating performance of the segment. The CODM examines the net amount from these items (total surplus or deficit between building administration expenses and collective promotion funds and recoverable expenses). These costs and income are presented now for reconciliation of all segments and their respective consolidating operating income. The amounts corresponding to prior fiscal years have been retroactively adjusted to reflect these changes in segment information.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In addition, in the last quarter of the fiscal year ended June 30, 2015, the Group has modified how it presents the gain/loss on the sale of investment property in segment information, which is revised by CODM.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> The information revised by CODM includes the gain/loss on the sale of investment properties within sales and development segment, regardless of the segment where the property would have been originally located. These modifications affected the segments of sales and developments and international. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>19</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Below is a summarized analysis of the lines of business of the Group for the period ended September 30, 2015:</FONT></P>

<P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="62%" colSpan=13>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>September 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Shopping Center</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Offices</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>and others</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales and developments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Hotels</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>International</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial operations and others</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Urban Properties and Investment</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenues (i)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>532,779</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>75,149</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,526</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>110,769 </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>721,251</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(79,119)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,616)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,406)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(81,563) </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(32) </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(179,736) </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross Profit / (Loss)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>453,660</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,533</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,880)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,206</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>541,515</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of investment properties</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>389,815</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>389,815</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(37,399)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(12,000)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(28,503)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(21,603) </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(32,849</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(132,354) </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(31,813)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,542)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,855) </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(14,106) </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(123)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(55,439) </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating results, net</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,554)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,275)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,581)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(358) </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(644)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(520)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(12,932) </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit / (Loss) from operations</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>377,894</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,716</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>349,996</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,861) </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(33,493)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(647)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>730,605</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of profit / (loss) of associates and joint ventures</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,395)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,126</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(562,760)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>67,820</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(493,209)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Segment Profit / (Loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>377,894</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>42,321</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>353,122</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,861) </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(596,253)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>67,173</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>237,396</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment properties</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,332,514</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>921,952</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>335,723</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,590,189</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Property, plant and equipment</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>48,570</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18,489</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,384</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>163,831</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,267</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>233,541</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trading properties</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>128,662</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>128,662</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Goodwill</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,804</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,911</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,715</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Right to receive future units under barter agreements</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>90,486</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>90,486</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Inventories</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,537</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>493</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,011</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>23,041</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments in associates and joint ventures</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>19,353</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>59,680</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,038,502</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,482,660</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,600,195</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating assets</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,403,425</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>963,705</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>616,428</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>170,842</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,039,769</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,482,660</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,676,829</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0pt 0pt 14.2pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0pt 0pt 14.2pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>The Group&#8217;s revenues are entirely originated in Argentina.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>20</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<a name="_bclHeader24"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Below is a summarized analysis of the lines of business of the Group for the period ended September 30, 2014:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="62%" colSpan=13>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>September 30, 2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 31.2pt">

   <TD style="HEIGHT: 31.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 31.2pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Shopping <BR>centers </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Offices</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>and others</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales and developments</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Hotels</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>International</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial operations <BR>and others</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 31.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Urban Properties and Investment</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenues (i)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>387,675</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>81,024</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,804</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>96,827</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,873</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>55</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>596,258</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(66,107)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,168)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,335)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(66,291)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,121)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(74)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(153,096)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross Profit</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>321,568</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,856</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,469</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>30,536</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18,752</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(19)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>443,162</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of investment properties</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>317,486</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>317,486</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(25,938)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,289)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,070)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17,289)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(15,701)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(80,287)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,939)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,981)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,922)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,092)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(118)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(38,052)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating results, net</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,874)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,397)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(756)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(335)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(249)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,559</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,948</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit / (Loss) from operations</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>273,817</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>54,189</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>306,207</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(180)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,802</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,422</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>645,257</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of profit / (loss) of associates and joint ventures</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,619</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,296</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>345</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(183,674)</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>59,706</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(117,708)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Segment profit / (loss) before Financing and Taxation</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>273,817</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>58,808</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>307,503</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>165</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>180</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>,8</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>72</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>68,128</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>527,549</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment properties</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,249,256</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>798,099</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>584,374</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,631,729</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Property, plant and equipment</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26,836</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>30,041</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,840</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>163,987</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,453</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>226,157</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trading properties</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>135,619</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>135,619</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Goodwill</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,667</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,392</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11,059</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Right to receive future units under barter agreements</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,264</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>75,813</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>85,077</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Inventories</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12,100</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>618</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,711</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18,429</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments in associates and joint ventures</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>27,868</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>39,585</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22,474</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>763,443</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,314,317</FONT></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,167,687</FONT></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating assets</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,299,123</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>865,400</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>839,849</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>192,172</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>764,896</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,314,317</FONT></B></P></TD>

   <TD style="HEIGHT: 11.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,275,757</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0pt 0pt 14.2pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0pt 0pt 14.2pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>From all of the Group&#8217;s revenues, Ps. 570 millions are originated in Argentina and Ps. 26 million in United States.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>21</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both" color=windowtext face=arial,sans-serif>The following tables present a reconciliation between the total results of segment operations and the results of operations as per the statements of income. The adjustments relate to the presentation of the results of operations of joint ventures accounted for under the equity method under IFRS and the non-elimination of the inter-segment transactions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total as per segment information </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjustment for </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>share of profit / (loss) of </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>joint ventures </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Expenses</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>and FPC</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjustment to </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>income for elimination of </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>inter-segment transactions </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total as per Statement</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>of income</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenues from sales, rents and services</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>721,251</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,178) </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(524)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>713,549</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income from expenses and FPC</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>255,174</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(233)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>254,941</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(179,736)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,694</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(259,107)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(435,134)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross profit</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>541,515</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,484)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,933)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(742)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>533,356</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of investment properties</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>389,815</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>389,815</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(132,354)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>291</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>977</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(131,086)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(55,439)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>363</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>113</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(54,963)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating results, net</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,932)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>182</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(348)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,098)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit from operations</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>730,605</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,648)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,933)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>724,024</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of (loss) / profit of associates and joint ventures</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(493,209)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,797</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(491,412)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net segment profit / (loss) before financing and taxation</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>237,396</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(851)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,933)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>232,612</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%" colSpan=9>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30, 2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total as per segment information </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjustment for </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>share of profit / (loss) of </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>joint ventures </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Expenses</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>and FPC</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjustment to </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>income for elimination of </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>inter-segment transactions </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total as per Statement</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>of </FONT></B><B><FONT lang=EN-GB style="FONT-SIZE: 8pt" face=arial,sans-serif>income</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.2pt">

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenues from sales, rents and services</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>596,258</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,804)</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,807)</FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>588,647</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income from expenses and FPC</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>201,422</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>201,422</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(153,096)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,533</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(204,300)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,369</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(353,494)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross profit</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>443,162</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,271)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,878)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(438)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>436,575</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of investment properties</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>317,486</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>317,486</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(80,287)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>228</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>670</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(79,389)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(38,052)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>522</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>108</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(37,422)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating results, net</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,948</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>210</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(340)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,818</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit from operations</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>645,257</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,311)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,878)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>640,068</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of (loss) / profit of associates</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(117,708)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,058</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(111,650)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="37%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net segment profit / (loss) before financing and taxation</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>527,549</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,747</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,878)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>528,418</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>22</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Segment information </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The following tables present a reconciliation between total segment assets as per segment information and total assets as per the statement of financial position. </FONT></P>

<P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Assets per segment based on segment information</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,686,355</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,275,757</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Less:</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Proportionate share in assets per segment of joint ventures (2)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(131,979)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(136,094)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Plus:</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment in joint ventures (1)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>171,211</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>185,982</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other non-reportable assets&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,924,119</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Consolidated Assets as per Statement of financial position</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,649,706</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,325,645</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 49.65pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)&nbsp; Represents the proportionate equity value of joint ventures that were proportionately consolidated for information by segment purposes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 49.65pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)&nbsp; Below is a detail of the proportionate share in assets by segment of joint ventures, included in the information reported by segment:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment properties</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>123,240</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>124,509</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Property, plant and equipment</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>639</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>165</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trading properties</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,500</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,889</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Goodwill</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,234</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,235</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Inventories</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>366</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>296</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="59%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.7pt 0pt 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total proportionate share in assets per segment of joint ventures</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>131,979</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>136,094</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>23</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Information about subsidiaries </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group conducts its business through several operating and holding subsidiaries. The Group considers that the subsidiaries below are the ones with non-controlling interests material to the Group.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Summarized statements of financial position </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>

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<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="31%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Panamerican Mall S.A. (&#8220;PAMSA&#8221;)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="32%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Dolphin Fund Ltd.</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

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   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>ASSETS</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Non-current assets</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>515,743</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>517,465</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,341,053</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,728,669</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Current assets</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>333,208</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>487,492</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>330,265</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>329,563</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>TOTAL ASSETS</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>848,951</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,004,957</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,671,318</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,058,232</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>LIABILITIES</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total non-current liabilities</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>39,947</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>20,791</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>264,098</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>263,969</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Current liabilities</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>99,876</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>309,978</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>298,993</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>294,735</FONT></P></TD></TR>

<TR style="HEIGHT: 3.75pt">

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>TOTAL LIABILITIES</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 3.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>139,823</FONT></B></P></TD>

   <TD style="HEIGHT: 3.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>330,769</FONT></B></P></TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>563,091</FONT></B></P></TD>

   <TD style="HEIGHT: 3.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>558,704</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>NET ASSETS</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>709,128</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>674,188</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,108,227</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,499,528</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Summarized statements of income and statements of comprehensive income </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="31%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>PAMSA </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="33%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Dolphin Fund Ltd.</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2015 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Revenues</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>97,128</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>74,316</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.55pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit / (Loss) before income tax</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>54,389</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>45,614</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(439,003)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(161,643)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Income tax expense</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(19,449)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(15,965)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit / (Loss) for the period</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>34,940</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>29,649</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(439,003)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(161,643)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Other comprehensive (loss) / income</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(14,318)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>16,994</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total comprehensive income / (loss) for the period</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>34,940</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>29,649</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(453,321)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(144,649)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.55pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit / (Loss) attributable to non-controlling interest</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>6,988</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5,930</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(18,068)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>32,135</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Summarized statement of cash flows</FONT></I></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="37%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0cm 14.9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>PAMSA</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Net cash generated by operating activities</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 15.05pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>56,445</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 15.05pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>64,059</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Net cash used in investing activities</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 15.05pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(18,513)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 15.05pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(30,624)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 7.15pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Net cash (used in) / generated from financing activities:</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 15.05pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(42,864)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 15.05pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>4,823</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Net (decrease) / increase in cash and cash equivalents</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 15.05pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(4,932)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 15.05pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>38,258</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Foreign exchange gain on cash and cash equivalents</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 15.05pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10,553</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 15.05pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,674</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Cash and cash equivalents at beginning of period</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 15.05pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>74</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 15.05pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>44,387</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Cash and cash equivalents at end of period</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 15.05pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5,695</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 15.05pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>85,319</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>The information above is the amount before inter-company eliminations.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>24</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 49.65pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 49.65pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interests in joint ventures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of September 30, 2015 and June 30, 2015, the joint ventures of the Group were Cyrsa S.A., Puerto Retiro S.A., Baicom Networks S.A., Quality Invest S.A., NPSF, Entretenimiento Universal S.A. and EHSA. The shares in these joint ventures are not publicly traded. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Evolution of investments in joint ventures for the three-month period ended September 30, 2015 and for the year ended June 30, 2015 were as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Beginning of the period /year</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>190,161</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>316,658</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Capital contribution</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>8,369</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Cash dividends (i)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(33,614)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Share of profit</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>403</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>9,608</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Capital reduction (ii)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(110,860)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>End of the period / year</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>190,564</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>190,161</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 53.9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -18.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>During the year ended June 30, 2015, the Group cashed dividends from Cyrsa and Nuevo Puerto Santa Fe S.A. in the amount of Ps. 31.0 million and Ps. 2.6 million, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 53.9pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -18.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>During the year ended June 30, 2015, Cyrsa S.A. distributed to IRSA due to capital reduction in the amount of Ps. 110.9 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Restrictions, commitments and other matters in respect of joint ventures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>According to the Argentine laws, 5% of the profit of the year is separated to constitute legal reserve until they reach legal capped amounts (20% of total capital). This legal reserve is not available for the dividend distribution and can only be released to absorb losses. The Group&#8217;s joint ventures have not reached the legal capped amounts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>There are no contingent liabilities relating to the Group&#8217;s interest in joint ventures, and there are no contingent liabilities of the joint ventures themselves.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Quality Invest S.A.</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In March 2011, Quality subscribed an agreement of purchase for the property of an industrial plant owned by Nobleza Piccardo S.A.I.C. y F. (hereinafter &#8220;Nobleza&#8221;) located in San Martin, Province of Buenos Aires. The facilities have the necessary features and scales for multiple uses. The purchase price was agreed on US$ 33.0 million. At the same time, Quality subscribed a lease agreement with Nobleza, by means of which Nobleza will rent the property for a maximum term of 3 years. On March 2, 2015, an Agreement Letter has been signed for the completion of lease agreement and restitution of San Mart&#237;n plant. On April 2011, Quality requested the CNDC&#180;s to issue an advisory opinion on the obligation to notify the operation or not. Later, the Court of Appeals confirmed the CNDC&#8217;s decision regarding the obligation to serve notice and consequently, therefore, on February 23, 2012 local Form F1 was filed, which as of the date of these consolidated financial statements is still in process.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interests in joint ventures </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>As authorized by the relevant Ordinance, on January 20, 2015 Quality Invest S.A. entered into an Urbanization Agreement with the Municipality of San Mart&#237;n which governs several regulatory aspects and sets forth a binding assignment of meters in exchange for cash contributions subject to formalization of certain administrative milestones included in the rezoning process. The Agreement contemplates a monetary compensation to the City Council totaling Ps. 40.0 million, payable in two installments of Ps. 20.0 million each. The first of such installments was paid on June 30, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Entertainment Holdings S.A.</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;<FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>During November 2012, IRSA CP acquired shares of common stock, representing 50% of Entertainment Holdings S.A. (&#8220;EHSA&#8221;)&#8217;s capital stock and votes and as a consequence IRSA CP holds a jointly indirect interest in LRSA of 25% which operates the Exhibition Center &#8220;Predio Ferial de Buenos Aires&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In connection with the Exhibition Center, in December 2012 the Executive Branch issued Executive Order 2552/12 that annulled an executive order dated 1991 which approved the sale of the Exhibition Center to the SRA; the effect of this new order was to revoke the sale transaction. Subsequent to December 21, 2012, the Executive Branch notified the SRA of said executive order and further ordered that the property be returned to the Federal Government within 30 subsequent days. Then, the SRA issued a press release publicly disclosing the initiation of legal actions. Furthermore, as it has become publicly known, on August 21, 2013, the Supreme Court of Justice rejected the appeal filed by the National State against the injunction timely requested by the SRA.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Neither has IRSA CP been served notice formally nor is it a party involved in the legal actions brought by the SRA.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Given the potential dimension of the dispute, as it has been known to the public, we estimate that if Executive Order 2552/2012 was found to be unconstitutional, such order shall have no legal effects either in EHSA or in the acquisition by IRSA CP of an equity interest in EHSA. However, if the opposite happen, that is, a court order declaring the nullity of Executive Order 2699/91 could have a real impact on acquired assets. In this scenario, the judicial decision may&nbsp; render the purchase of the Plot of Land by SRA null and void , and all acts executed by SRA in relation to the Plot of Land, including the right of use currently held by the entity where EHSA has an indirect equity interest, through vehicle entities, would also become null and void.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>26</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interests in joint ventures </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On June 1, 2015, a ruling was issued in case 4573/2012 Sociedad Rural Argentina vs. National State &#8211; Executive Power on Declaratory Action, whereby the injunction staying the effects of Executive Order 2552/12 was lifted.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On June 2, 2015 the Sociedad Rural Argentina filed a writ of appeals against the ruling indicated above and on that same date the appeal was admitted with staying effects. While a decision on the appeal filed with the Court is pending, the motion to lift the injunction filed by the National State will have no effect.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On September 17, 2015 the Second Chamber decided to reject the lifting of the injunction. Against this resolution the National Government appealed Extraordinary.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Notwithstanding the above, to the date we are not aware of any judicial measure petitioned by the owner of the Plot of Land and/or the National Government, or the corresponding appeals or rulings, may have affected the actual use of the Plot of Land.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>There are no contingent liabilities relating to the Group&#8217;s interest in joint ventures, and there are no contingent liabilities of the joint ventures themselves, different to the mentioned above.</FONT></P>

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<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Puerto Retiro S.A.</FONT></U><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif> (&#8220;Puerto Retiro&#8221;)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=ES-AR style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On April 18, 2000, Puerto Retiro S.A. was notified of a filing made by the National Government, through the Ministry of Defense, to extend the petition in bankruptcy of Inversora D&#225;rsena Norte S.A. (Indarsa) to Puerto Retiro. At the request of plaintiff, the bankruptcy court for the Buenos Aires District issued an order restraining the ability of Puerto Retiro to sell or dispose in any manner the land.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Indarsa had acquired 90% of the capital stock of Tandanor to a formerly estate owned company in 1991. Tandanor is mainly engaged in ship repairs, which activity was carried out in premises with a surface of 19 hectares located near La Boca and where Syncrolift is currently installed.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Indarsa did not comply with the payment of the outstanding price for the acquisition of the stock of Tandanor, and therefore the Ministry of Defense requested the bankruptcy of Indarsa, pursuing to extend the bankruptcy to Puerto Retiro.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interests in joint ventures </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The evidence steps of the legal procedures have been completed. Puerto Retiro appealed the precautionary measure, being the same confirmed by the Court on December 14, 2000. The parties have submitted their claims in due time. The file was passed for the judge to issue a pronouncement, this being a decree adjourning the summoning of decisions to pronouncement in the understanding that there exists pre-judgment in respect of the penal cause filed against ex-officers of the Ministry of Defense and ex-directors of the Company. Consequently, the matter will not be solved until there is final judgment in penal jurisdiction.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Notice has been served upon the commercial court that the criminal cause of action was declared extinguished by operation of the statutes of limitation and that the accused were acquitted. However, this ruling was revoked by the Criminal Cassation Court; an extraordinary remedy was filed, which was denied. Then a grievance remedy was filed with the Argentine Supreme Court, which has not yet decided on the dispute.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The Management and legal advisors of Puerto Retiro estimate that there are legal and technical issues to consider that the request for bankruptcy will be denied by the court. However, given the current status of the case, we cannot predict its outcome.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In addition, Tandanor filed a civil action against Puerto Retiro and other accused parties in the criminal case for violation of section 174 subsection 5, under section 173 subsection 7 of Criminal Code. The claim expects that upon invalidation of executive order that approved the bid of D&#225;rsena Norte plot of land, Tandanor be reimbursed any other sum of money that it claims to have lost due to the alleged fraudulent purchase-sale transaction of the real property disputed in the case.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Puerto Retiro filed an answer to the complaint in due course in relation to the civil action, and filed some affirmative defenses. Tandanor requested the intervention of the National State as third party in the proceedings, which was admitted by the Court. In March 2015 both the National State and the plaintiffs answered the motion for affirmative defenses filed by the defendant. To date, no decision has been made regarding such defenses. Until the court rules on the admissibility of such affirmative defenses, we cannot predict the outcome; yet, there are some technical legal arguments that support the company&#8217;s position</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>28</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>9.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interests in associates</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of September 30, 2015 and June 30, 2015, the associates of the Group were New Lipstick LLC, BHSA, IDBD, Tarshop S.A., Manibil S.A., Lipstick Management LLC, Banco de Cr&#233;dito y Securitizaci&#243;n S.A. (&#8220;BACS&#8221;) and Avenida Inc.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in the Group&#8217;s investments in associates for the three-month period ended September 30, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Beginning of the period /year</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,619,457</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,767,165</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Acquisition / Increase in equity interest in associates (see Note 4)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,254,306</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital contributions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>34,329</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>30,938</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of profit / (loss)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>66,108</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(31,469)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>34,790</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>87,359</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash dividends (ii)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,873)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Sale of equity interest (see Note 4)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(33,768)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Reclassification to financial instruments (see Note 4)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(30,089)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net loss on investments at fair value</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(557,923)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(412,112)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>End of the period / year (i)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,196,761</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,619,457</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp; Includes Ps. (384,082) and Ps. (362,931) reflecting interests in companies with negative equity as of September 30, 2015 and June 30, 2015, respectively, which are disclosed in &#8220;Provisions&#8221; (see Note 23).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(ii)&nbsp;&nbsp; During the year ended June 30, 2015, the Group cashed dividends from BHSA in the amount of Ps. 12.9 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Restrictions, commitments and other matters in respect of associates</FONT></U></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>According to the Argentine laws, 5% of the profit of the year is separated to constitute legal reserve until they reach legal capped amounts (20% of total capital). This legal reserve is not available for the dividend distribution and can only be released to absorb losses. The Group&#8217;s associates under these laws have not reached the legal capped amounts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>There are no contingent liabilities relating to the Group&#8217;s interest in associates, and there are no contingent liabilities of the associates themselves.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Tarshop S.A.</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Over the past two fiscal years, the BCRA modified certain aspects of the regulatory framework of the activities carried out by Tarshop S.A. Based on these changes, our Associate is going through a business reformulation process.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In addition, during October 2014 Banco Hipotecario S.A and IRSA CP approved a gradual capitalization plan to be carried out by shareholders pro rata their holdings; the first tranche of such capitalization has already been made for a total amount of Ps. 110.0 million.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -54pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>9.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interests in associates </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>No-competition agreement for the sale of the equity interest </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Due to the sale assignment and transfer of the 80% of the equity interest in Tarshop to BHSA, made during the fiscal year ended June 30, 2011, the Group committed itself to not competing for 5 years in the credit card and/or consumer loan business in which Tarshop has a presence.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>New Lipstick</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>New Lipstick has a pledge over the shares of its operating subsidiary Metropolitan 885 Third Avenue Leasehold LLC (&#8220;Metropolitan&#8221;). Metropolitan owns the building known as Lipstick Building in Manhattan.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Rigby 183 LLC</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>During fiscal year 2015, Rigby has received a statement of proposed audit changes from New York State relating to New York State Real Property Transfer Tax concerning a transfer of shareholdings between shareholders in November 2012 in the amount of US$ 0.5 million. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In September 2015, the State of New York </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>notified the ruling in favor of Rigby, thereby dismissing the claim made.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IDBD</FONT></U></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Under the Agreement, Dolphin and ETH promised to participate on a joint and several basis in the capital increases resolved by IDBD&#8217;s Board of Directors in order to carry out its business plan for 2014 and 2015, for at least NIS 300 million in 2014 and NIS 500 million in 2015. As of September 30, 2015, Dolphin has contributed NIS 668.6 million in aggregate (NIS 400 million of which are creditable against its commitment) and ETH has contributed NIS 203.5 million in IDBD. In this way, Dolphin has completed its committed contributions, while IDBD is claiming from ETH, and Dolphin, under its joint and several liability, to pay the balance committed by ETH for an aggregate of NIS 196.5 million (equivalent to approximately US$ 50.1 million at the exchange rate prevailing as of September 30, 2015).</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>9.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interests in associates </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Moreover, as part of the Arrangement, Dolphin and ETH promised jointly and severally to make Tender Offers for the purchase of IDBD&#8217;s shares for a total amount of NIS 512.09 million (equivalent to approximately US$ 128 million at the exchange rate prevailing as of September 30, 2015), as follows: (i) by December 31, 2015 at least NIS 249.8 million for a price per share of NIS7.798 (value as of September 30, 2015, subject to adjustment) and (ii) by December 31, 2016, for at least NIS 512.09 million, less the offer made in 2015, for a price per share of NIS 8.188 (value as of September 30, 2015, subject to adjustment). As security for the performance of the tender offers, a total of 34,130,119 shares in IDBD were pledged as of September 30, 2015. In addition, as of September 30, 2015, 49,695,135 shares, 23,950,072 Series 4 warrants, 22,752,569 Series 5 warrants and 20,357,561 Series 6 warrants of IDBD held by Dolphin were deposited in escrow as pledge collateral, and are expected to be soon transferred to an account not subject to pledge. As of the date, of issuance of these financial statements, the Tender Offer has not been consummated.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On May 12, 2014, IDBD&#8217;s shares became listed on the TASE. Consequently, all the shares acquired to date (including the pledged shares) were deposited in escrow with Bank Leumi Le-Israel as security in compliance with the lock-up provisions set forth in Chapter D of the TASE Regulations, which provide that initially listed shares may not be disposed of for a term of 18 months and allow the release of 2.5% per month beginning on the fourth month since the initial listing date. In this way, pursuant to the TASE&#8217;s regulations as of September 30, 2015 5,240,822 shares and 335,715 Series 3 warrants remained deposited as set forth above. The lock-up provisions will be effective up to November 12, 2015.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Additionally, Dolphin promised to inject funds in IDBD, directly or through an affiliated company, for at least NIS 256 million and up to NIS 400 million, as follows: (i) NIS 256 million through the exercise of the New Rights arising from the Rights Offering by Dolphin; (ii) an additional investment (the &#8220;Additional Investment&#8221;) for an amount equivalent to (a) the Maximum Immediate Payment (as such term is defined in Note 3 to the Consolidated Financial Statements for the fiscal year ended June 30, 2015), less (b) the amount received by IDBD under the Rights Offering, excluding the exercise of the new warrants, but in no case for an amount higher than NIS 144 million. The Additional Investment will be made by Dolphin or a vehicle controlled by Eduardo Sergio Elsztain exercising additional rights to be acquired by them or, if such rights are not acquired, by participating in another rights offering to be made by IDBD. On February 10, 2015, Dolphin subscribed a total of NIS 391.5 million, with a remaining contribution commitment of NIS 8.5 million.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>9.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interests in associates </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>In addition, as set forth in Note 3 to the Consolidated Financial Statements as of June 30, 2015, Dolphin promised to (i) exercise the Series 4 warrants for a total amount of NIS 150 million if so requested by IDBD&#8217;s Board of Directors within 6 to 12 months of the Rights Offering date; and (ii) exercise the remaining Series 4, 5 and 6 warrants received under the Rights Offering, subject to the satisfaction of two conditions simultaneously: (a) that IDBD and its lenders reach an agreement to amend certain covenants; and (b) that a control permit over Clal is given by the Capital Markets, Insurance and Savings Commissioner of Israel. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On May 6, 2015, Dolphin submitted to IDBD's Board of Directors the following binding and irrevocable proposal, which provided, among others, that Dolphin (directly or through any vehicle controlled by Eduardo Sergio Elsztain), promises to make a capital injection for up to NIS 100 million in IDBD, subject to the following conditions, among others:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 2cm; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>That IDBD make a public offering of its shares, under terms acceptable to the market and approved by IDBD&#8217;s Board of Directors, for an amount of at least NIS 100 million and not to exceed NIS 125 million, and that the offering is made between October 1, 2015 and November 15, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 2cm; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 2cm; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The commitment assumed by Dolphin would automatically expire upon the occurrence of any of the following events before the day of the public auction under the public offering: (i) if any of IDBD&#8217;s creditors or any of the representatives of IDBD&#8217;s bondholders files legal actions against IDBD, including a complaint seeking the early or immediate repayment or acceleration of any portion of IDBD&#8217;s debt; (ii) if a meeting of any of IDBD&#8217;s bondholders is called including in its agenda any of the matters set forth in paragraph (ii); (iii) if IDBD receives capital contributions for a total amount of NIS 100 million in any manner, whether through a rights offering, the exercise of warrants, a private or public placement, and if such contributions are made by Dolphin directly or through any vehicle controlled by Eduardo Sergio Elsztain (apart from the capital contributions creditable against the NIS 158.5 million obligation under Dolphin&#8217;s irrevocable proposal dated December 29, 2014), or by any other individual or legal entity, or the investor public, and at any event when the aggregate amount of such capital contributions under paragraph 5 (d) (iii) of the proposal so submitted is lower than NIS 100 million, Dolphin&#8217;s commitment under Section 5 (c) above would be reduced accordingly; or (iv) if an adverse event or change occurs in IDBD or its control structure or in any of its material affiliates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 2cm; LINE-HEIGHT: 14pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On May 7, IDBD's Board of Directors approved the proposal. </FONT></P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>9.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Interests in associates </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>On June 29, 2015, Dolphin submitted an irrevocable proposal to IDBD and DIC (the &#8220;Proposal Sent to IDBD and DIC&#8221;) which offered that, subject to its approval by the Boards of Directors of both companies, DIC would start as soon as possible a rights offering for up to approximately NIS 500 million (&#8220;DIC&#8217;s Rights Offering&#8221;) (equivalent to US$ 127.4 million at the exchange rate prevailing as of September 30, 2015). Under DIC&#8217;s Rights Offering, each shareholder of the company would receive, for no consideration, DIC&#8217;s right units consisting of 4 series of warrants issued by DIC (which would be registered for trading in the TASE), each of which would be exercisable for one common share of DIC (&#8220;DIC&#8217;s Warrants&#8221;), with the following features:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 35.45pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>DIC&#8217;s Warrants would be divided into 4 series, and the exercise price of each of such series would be approximately NIS 125 million, as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 53.45pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -10.5pt; MARGIN: 0cm 0cm 0pt 70.9pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>The first series of warrants would be exercisable until December 21, 2015, for a price to be determined based on acceptable market conditions and after consultation with capital market experts, but in no case for a higher price than NIS 6.53 (&#8220;DIC&#8217;s 1 Warrants&#8221;). </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -10.5pt; MARGIN: 0cm 0cm 0pt 70.9pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>The second series of warrants would be exercisable until December 21, 2016, for an exercise price equivalent to 110% of DIC&#8217;s 1 Warrants&#8217; exercise price.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -10.5pt; MARGIN: 0cm 0cm 0pt 70.9pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>The third series of warrants would be exercisable until December 21, 2017, for an exercise price of: (i) 110% of DIC&#8217;s 1 Warrants&#8217; exercise price, in the event they are exercised before December 21, 2016; or (ii) 120&nbsp;% of DIC&#8217;s 1 Warrants&#8217; exercise price if they are exercised between December 21, 2016 and December 21, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -10.5pt; MARGIN: 0cm 0cm 0pt 70.9pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>The fourth series of warrants would be exercisable until December 21, 2018, for an exercise price of: (i) 110&nbsp;% of DIC&#8217;s 1 Warrants&#8217; exercise price, in the event they are exercised before December 21, 2016; or (ii) 130&nbsp;% of DIC&#8217;s 1 Warrants&#8217; exercise price if they are exercised between December 21, 2016 and December 21, 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 2cm; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 35.45pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>As part of DIC&#8217;s Rights Offering, IDBD would promise to exercise all DIC&#8217;s 1 Warrants issued in favor of IDBD, for a total amount of approximately NIS 92.5 million (&#8220;IDBD&#8217;s Investment Amount&#8221;) by December 21, 2015, provided that the following conditions have been satisfied as of such date:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 53.45pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -10.5pt; MARGIN: 0cm 0cm 0pt 70.9pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>IDBD should have the written consent of IDBD&#8217;s main lenders for IDBD to exercise DIC&#8217;s 1 Warrants issued in its favor under DIC&#8217;s Rights Offering.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -10.5pt; MARGIN: 0cm 0cm 0pt 70.9pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>IDBD should have conducted and completed a Rights Public Offering (as such term is defined below), under which it should have raised an amount of at least NIS 200 million.</FONT></P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>9.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Interests in associates </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 36pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -10.5pt; MARGIN: 0cm 0cm 0pt 70.9pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>IDBD should have received the written consent of its main lenders in order for any amount injected as capital in IDBD after the date of such proposal in excess of NIS 100 million and up to NIS 350 million, to be used at any time for injection from IDBD into DIC, through any capital injection method.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 89.45pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -8.1pt; MARGIN: 0cm 0cm 0pt 35.45pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>In turn, Dolphin proposes the following to IDBD:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 53.45pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -10.5pt; MARGIN: 0cm 0cm 0pt 70.9pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>IDBD&#8217;s public offering amount under Dolphin&#8217;s proposal dated May 6 would be increased by at least NIS 100 million and up to NIS 125 million (the &#8220;Rights Public Offering under the Proposal to IDBD and DIC&#8221;). In other words, the total amount would be increased from a minimum of NIS 100 million to a maximum of NIS 200 million, and the maximum amount would be increased from a maximum of NIS 125 million to a maximum of NIS 250 million (the &#8220;Total Increased Amount&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -10.5pt; MARGIN: 0cm 0cm 0pt 70.9pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Therefore, Dolphin&#8217;s obligation to participate in the Rights Public Offering under the Proposal to IDBD and DIC would be increased (compared to the proposal dated May 6, 2015) by an amount equal to the difference between the Total Increased Amount and the total amount of commitments received, always provided that such amount were not higher than NIS 200 million (the &#8220;Capital Contribution Amount&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -10.5pt; MARGIN: 0cm 0cm 0pt 70.9pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>The approval of this proposal would constitute IDBD&#8217;s confirmation and approval that all of Dolphin&#8217;s commitments under this proposal would imply the full and complete settlement of its remaining obligations to inject NIS 8.5 million in IDBD, pursuant to Dolphin&#8217;s irrevocable proposal dated December 29, 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -10.5pt; MARGIN: 0cm 0cm 0pt 70.9pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Dolphin&#8217;s commitment would automatically expire upon the occurrence of any of the following events: (i) if any of DIC&#8217;s creditors or any of the trustees of DIC&#8217;s bonds filed any legal action against DIC, including a complaint seeking the early repayment or acceleration of any portion of DIC&#8217;s debt; and/or (ii) if any meeting of DIC&#8217;s bondholders included in its agenda any one or more of the following matters: (a) appointment of advisers (financial, legal or otherwise); (b) appointment of a committee of representatives of DIC&#8217;s bondholders; (c) filing of any legal action against DIC; and/or (d) complaints for early or immediate repayment of any portion of DIC&#8217;s debt, or any similar discussion.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 89.45pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -8.1pt; MARGIN: 0cm 0cm 0pt 35.45pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>The Proposal to IDBD and DIC was binding and irrevocable, and it was valid up to July 13, 2015 and expired on such date if the Boards of Directors of IDBD and DIC did not accept it and approve it unconditionally. The Proposal to IDBD and DIC was approved by IDBD&#8217;s Board of Directors on July 16, 2015.</FONT></P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>9.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Interests in associates </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>On July 9 and 16, 2015, Dolphin submitted explanations on the Proposal to IDBD and DIC. On July 9, 2015, the main explanations were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -6pt; MARGIN: 0cm 0cm 0pt 35.45pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>The termination or expiration of the Proposal to IDBD and DIC would not repeal the commitments undertaken by Dolphin under the proposal submitted by Dolphin to IDBD on May 6, 2015, always provided that such commitments continued in full force and effect subject to the proposed terms, or Dolphin&#8217;s remaining commitment to inject NIS 8.5 million in IDBD pursuant to its irrevocable proposal dated December 29, 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -6pt; MARGIN: 0cm 0cm 0pt 35.45pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>A further condition would be added to the Proposal to IDBD and DIC whereby if Dolphin&#8217;s interest in the rights public offering were lower than NIS 8.5 million, Dolphin would remain obliged vis-&#224;-vis IDBD to inject the remaining amount arising from subtracting NIS 8.5 million and the amount effectively injected at this instance by Dolphin.</FONT></P>

<P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -6pt; MARGIN: 0cm 0cm 0pt 35.45pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>IDBD would replace its commitment to exercise DIC&#8217;s Series 1 warrants for NIS 92.5 million with the commitment to exercise the Series 1 warrants for at least the amount that results from subtracting (a) the Capital Contribution Amount; and (b) NIS 100 million, always provided that such amount does not exceed NIS 92.5 million.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>On July 13, 2015, Dolphin extended the maturity of the Proposal to IDBD and DIC until July 16, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>In addition, on July 16, 2015, Dolphin submitted additional explanations on the Proposal to IDBD and DIC dated June 29, 2015 and July 9, 2015, which provided as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -6pt; MARGIN: 0cm 0cm 0pt 35.45pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Dolphin agrees that the new shares to be acquired by Dolphin or any entity controlled by Eduardo Sergio Elsztain under the public offering of shares to be made by IDBD during October 2015 would not grant to it the right to participate in the Tender Offer (as such term is defined in Note 3 to the Consolidated Financial Statements as of June 30, 2015) always provided that such new shares are still held by Dolphin or an entity controlled by Eduardo Sergio Elsztain. Notwithstanding, nothing will prevent Dolphin and/or the entity controlled by Eduardo Sergio Elsztain that holds such new shares to be acquired under the public offering to be made in October 2015 by IDBD from freely disposing of them.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>35</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>9.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interests in associates </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On July 16, 2015, IDBD&#8217;s Board of Directors approved a capital increase by means of a public offering pursuant to the terms proposed by Dolphin in the Proposal to IDBD and DIC, and to exercise DIC&#8217;s warrants, all based on Dolphin&#8217;s irrevocable commitment to participate in the referred capital increase. IDBD plans to carry out the public offering between October and November 2015, subject to the company&#8217;s corporate approvals, other statutory consents required and the fact that the exercise of DIC&#8217;s warrants can be made pursuant to the terms and conditions set forth in Dolphin&#8217;s proposal. Additionally, on July 16, 2015, DIC&#8217;s Board of Directors accepted the Proposal to IDBD and DIC and instructed its management to take such steps as necessary in order to make a rights offering pursuant to Dolphin&#8217;s proposal. On August 27, 2015 DIC published the rights offering prospectus and on September 6, 2014 DIC issued 4 series of warrants to its shareholders. As of the date of submittal of these financial statements, IDBD had not completed the capital injection in DIC.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On August 16, 2015 and amended on September 9, 2015, the Arrangement Trustees submitted a petition to the competent court (the "Petition of the Arrangement Trustees"), including Dolphin and IFISA among other stakeholders, for it to determine whether: (a) IFISA would be subject to the commitments related to the Tender Offer under identical terms as Dolphin; (b) the shares held by any other company controlled by Eduardo Sergio Elsztain (including Dolphin) would not be eligible to take part in the Tender Offer; and (c) the shares held by any company controlled by Eduardo Sergio Elsztain (including Dolphin) and transferred to other entities would not be eligible to take part in the Tender Offer.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On September 29, 2015 the Arrangement Trustees </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>submitted a petition to the competent court for it to </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>issue a temporary order prohibiting Dolphin, IFISA and others to carry out any transactions with IDBD&#8217;s shares until the court decided on the petition made by the Arrangement Trustees. See Note 39 for further information.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>36</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>10.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investment properties</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in the Group&#8217;s investment properties for the three-month period ended September 30, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Shopping Center</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Office buildings and other rental properties</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Undeveloped parcel of lands</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Properties </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>under </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>development</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>At June 30, 2014:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3,135,470</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,022,389</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>367,871</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>363,001</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>4,888,731</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1,370,225)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(248,911)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1,619,136)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Residual value</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,765,245</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>773,478</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>367,871</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>363,001</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3,269,595</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Year ended June 30, 2015 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Opening residual value</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,765,245</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>773,478</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>367,871</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>363,001</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3,269,595</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>60,361</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>220,152</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,569</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>186,457</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>468,539</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Transfers</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>490,191</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>23,080</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>25,331</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(538,602)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Transfers to property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(140)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>10,404</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(8,779)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,485</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Transfers to trading property</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(3,107)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(3,107)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(114)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(93,566)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(3,251)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(2,077)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(99,008)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Depreciation (i)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(123,387)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(24,040)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(147,427)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Residual value at the year end </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,189,049</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>909,508</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>391,520</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3,490,077</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>At June 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Costs </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3,682,661</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,182,459</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>391,520</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>5,256,640</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Accumulated depreciation </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1,493,612)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(272,951)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1,766,563)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Residual value </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,189,049</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>909,508</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>391,520</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3,490,077</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Period ended September 30, 2015 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Opening residual value</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,189,049</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>909,508</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>391,520</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3,490,077</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>45,969</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>811</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>46,780</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(20,873)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(2,895)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(23,768)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(36,359)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(9,781)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(46,140)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Closing residual value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,198,659</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>879,665</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>388,625</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3,466,949</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>At September 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Costs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3,728,630</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,162,397</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>388,625</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>5,279,652</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Accumulated depreciation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1,529,971)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(282,732)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1,812,703)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Residual value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,198,659</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>879,665</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>388,625</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3,466,949</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 35.45pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 1.05pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 34.4pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation charges of investment property were included in &#8220;Costs&#8221; in the statement of income (Note 29).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following amounts have been recognized in the statement of income: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Rental and service income</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>601,668</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>487,017</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Income from expenses adjustment and FPC</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>254,941</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>201,422</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Direct operating expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(430,575)</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(350,828)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Development expenditures</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(4,559)</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(2,666)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Gain from disposal of investment property</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>389,815</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>317,486</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowing costs incurred during the period ended September 30, 2014 of Ps. 2,034, were capitalized at the rate of the Company&#8217;s general borrowings, which amounts to 15%. Those costs correspond to Alto Comahue. Capitalization of financial costs has ceased since the completion of the shopping mall, therefore, financial costs have not been capitalized as of September 30, 2015.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>37</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>10.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investment properties </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Arcos del Gourmet</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Injunction order:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In December 2013, the Judicial Branch confirmed an injunction that suspended the opening of the shopping center on the grounds that it did not have certain governmental permits in the context of two judicial processes, where a final decision has been rendered for the company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The plaintiff filed a petition for the continuation of the preliminary injunction by means of an extraordinary appeal of unconstitutionality which was by the lower and appellate courts; consequently, it filed an appeal with the Autonomous City of Buenos Aires Higher Court of Justice, which so far has not rendered a decision.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Nowadays, the Shopping Center Distrito Arcos is open to the public and operating normally.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Concession Status:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The National State issued Executive Order 1723/2012 whereby several plots of land located in prior rail yards of Palermo, Liniers and Caballito rail stations ceased to be used for rail purposes, in order to be used for development of integral urbanization projects.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In this respect and as part of several measures related to other licensed persons and/or concessionaires, we have notified in the file of proceedings of the corresponding Resolution 170/2014 revoking the Contract for Reformulation of the Concession of Rights of use and Development number AF000261 issued by the Agencia de Administraci&#243;n de Bienes del Estado (State Assets Administration Office, or AABE in Spanish).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>It should further be pointed out that such measure:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 49.65pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -13.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>has not been adopted due to non-compliance of our controlled company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 49.65pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -13.65pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>to date has not involved the interruption of the commercial development or operation of the shopping center, which continues to operate under normal conditions;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Notwithstanding the foregoing, Arcos del Gourmet S.A. has filed the relevant administrative remedies (appeal) and has also filed a judicial action requesting that the revocation of such concession be overruled.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Furthermore, it has started a so-called &#8220;juicio de consignaci&#243;n&#8221;, that is an action where the plaintiff deposits with the court sums of money that the defendant refuses to accept. Under this legal action, the company has deposited in due time and form all rental payments under the Contract for Reformulation of the Concession of Rights of Use and Development, which the Company considers to have been unduly revoked.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>38</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>10.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Investment properties </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The following is a detailed summary of the Group's investment properties by type at September 30, 2015 and June 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="50%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Name</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="48%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Net book amount</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Shopping centers:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Abasto de Buenos Aires </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>255,183</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>255,335</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Alto Palermo Shopping </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>218,892</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>221,792</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Alto Avellaneda </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>130,820</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>131,140</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Paseo Alcorta </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>105,940</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>106,091</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Alto Noa </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>30,570</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>29,708</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Buenos Aires Design </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>11,475</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>12,860</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Patio Bullrich </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>111,272</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>112,426</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Alto Rosario </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>113,731</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>115,014</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Mendoza Plaza </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>99,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>101,657</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Dot Baires Shopping </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>373,971</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>377,260</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>C&#243;rdoba Shopping </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>63,221</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>61,111</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Patio Olmos </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>26,514</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>27,050</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Soleil Factory </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>83,303</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>84,301</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Ocampo parking space</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>14,164</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>14,401</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Alto Comahue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>316,605</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>309,103</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Distrito Arcos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>243,198</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>229,800</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Total Shopping Centers </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,198,659</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,189,049</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Office building and other rental properties portfolio:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Bouchard 551 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>7,585</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>7,698</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Bouchard 710 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>60,791</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>60,923</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Dique IV </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>51,043</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>51,835</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Intercontinental Plaza </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>21,769</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>41,106</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Libertador 498 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,972</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,938</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Maip&#250; 1300 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9,914</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>14,713</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Suipacha 652 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>8,272</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>8,255</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Torre BankBoston </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>137,523</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>138,432</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Rep&#250;blica building </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>193,459</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>194,971</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Dot building </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>125,506</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>126,365</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>La Adela</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>214,594</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>214,594</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Santa Mar&#237;a del Plata </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>12,510</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>12,510</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Abasto Office</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>10,309</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>11,084</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Building annexed to Alto Palermo Shopping</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#000000 face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>31,740</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>32,542</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Others </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>15,873</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>15,973</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Total Office and Other rental properties portfolio (i)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>904,860</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>934,939</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Undeveloped parcels of lands:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Santa Mar&#237;a del Plata</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>158,951</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>158,951</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Catalinas Norte </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>109,496</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>109,496</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Pilar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,550</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,550</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Luj&#225;n plot of land</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>41,972</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>41,972</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Caballito - Ferro </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>45,812</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>45,812</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Building annexed to DOT</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>25,336</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>25,336</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Others </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>5,508</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>8,403</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Total undeveloped parcels of land </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>388,625</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>391,520</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="50%">

   <P style="LINE-HEIGHT: 8pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 4pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,492,144</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,515,508</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 49.65pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(i)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>As of September 30, 2015 and June 30, 2015 includes property, plant and equipment in the amount of Ps. 25,195 and Ps. 25,431, respectively, that reflect offices used by the Group.</FONT></P>

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<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>39</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>11.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Property, plant and equipment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in the Group&#8217;s property, plant and equipment for the three-month period ended September 30, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 54pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hotel buildings and facilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Buildings and facilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Furniture </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>and fixtures</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Machinery and equipment</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Vehicles</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At June 30, 2014:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>390,499</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>76,600</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,246</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>97,291</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>512</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>582,148</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(226,113)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(44,296)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,202)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(80,012)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(512)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(362,135)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,386</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,304</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,044</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,279</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>220,013</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Year ended June 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening residual value</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,386</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,304</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,044</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,279</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>220,013</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,737</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,233</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,693</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,248</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,863</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>49,774</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>102</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>102</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(46)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(46)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfers to investment properties</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,404)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,618</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,301</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,485)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(14,309)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(398)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,513)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,527)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(477)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(25,224)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value at the year end </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,814</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,735</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,898</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,301</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,386</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>243,134</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At June 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>405,236</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>72,429</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,613</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>125,840</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,375</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>630,493</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(240,422)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(44,694)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(12,715)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(88,539)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(989)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(387,359)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,814</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,735</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,898</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,301</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,386</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>243,134</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Period ended September 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening residual value</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,814</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,735</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,898</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,301</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,386</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>243,134</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,456</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>507</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,786</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,749</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,439)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(233)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(464)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,210)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(143)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,489)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Closing residual value </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>163,831</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,502</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,975</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,877</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,243</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>242,428</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>At September 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>407,692</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>72,429</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,154</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>129,626</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,375</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>637,276</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(243,861)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(44,927)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,179)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(91,749)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,132)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(394,848)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>163,831</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,502</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,975</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,877</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,243</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>242,428</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 54pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)&nbsp;&nbsp; Depreciation charges of property, plant and equipment were included in &#8220;General and administrative expenses and Costs&#8221; in the statement of income (Note 29).</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>40</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<a name="_bclHeader44"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt 1cm; LINE-HEIGHT: 14pt; TEXT-INDENT: -1cm"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 1cm; LINE-HEIGHT: 14pt; TEXT-INDENT: -1cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 1cm; LINE-HEIGHT: 14pt; TEXT-INDENT: -1cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>11.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Property, plant and equipment </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 1cm; LINE-HEIGHT: 14pt; TEXT-INDENT: -1cm"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following is a detailed summary of hotels and facilities included in property, plant and equipment of the Group by type at September 30, 2015 and June 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.6pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="47%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Name</FONT></B></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net book amount</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.6pt">

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.6pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.6pt">

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hotels:</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">&nbsp;</TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="24%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.6pt">

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Llao Llao</FONT></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>80,280</FONT></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>81,539</FONT></P></TD></TR>

<TR style="HEIGHT: 5.6pt">

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Hotel Intercontinental</FONT></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>52,861</FONT></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>51,875</FONT></P></TD></TR>

<TR style="HEIGHT: 5.6pt">

   <TD style="HEIGHT: 5.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Sheraton Libertador</FONT></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,690</FONT></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.6pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,400</FONT></P></TD></TR>

<TR style="HEIGHT: 5.6pt">

   <TD style="HEIGHT: 5.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="47%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total Hotels </FONT></B></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>163,831</FONT></B></P></TD>

   <TD style="HEIGHT: 5.6pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.6pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164,814</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 75.2pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -75.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>12.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trading properties</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in the Group&#8217;s trading properties for the three-month period ended September 30, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 38.7pt">

   <TD style="HEIGHT: 38.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="31%">

   <P style="MARGIN: 0cm 0pt 0pt 1cm; LINE-HEIGHT: 14pt; TEXT-INDENT: -1cm"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 38.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Completed properties</FONT></B></P></TD>

   <TD style="HEIGHT: 38.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 38.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Properties under development</FONT></B></P></TD>

   <TD style="HEIGHT: 38.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 38.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Undeveloped sites</FONT></B></P></TD>

   <TD style="HEIGHT: 38.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 38.7pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>At June 30, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,317</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>119,188</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,748</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>135,253</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,066</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,066</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,125)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,125)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfers of investment properties</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,107</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,107</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,897)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,897)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>At June 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,420</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>114,129</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,855</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>131,404</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>103</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>103</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,945)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,945) </FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,400)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,400) </FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="31%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>At September 30, 2015</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,020</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>110,287</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12,855</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>126,162</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>122,074</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>128,104</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,088</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,300</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia> </FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>126,162</FONT></B></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>131,404</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>41</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 75.2pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -75.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>12.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trading properties </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 75.2pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following is a detailed summary of the Group&#180;s trading properties by type as of September 30, 2015 and June 30, 2015:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 75.2pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 23.35pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 23.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="58%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Description</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 23.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 23.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net book</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amount</FONT></B></P></TD></TR>

<TR style="HEIGHT: 23.35pt">

   <TD style="HEIGHT: 23.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 23.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 23.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 23.35pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.3pt">

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Undeveloped sites:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.3pt">

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 11.3pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Air space Coto </FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,945</FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,945</FONT></P></TD></TR>

<TR style="HEIGHT: 11.3pt">

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 11.3pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>C&#243;rdoba plot of land </FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,107</FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,107</FONT></P></TD></TR>

<TR style="HEIGHT: 12.05pt">

   <TD style="HEIGHT: 12.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 11.3pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Neuqu&#233;n Project </FONT></P></TD>

   <TD style="HEIGHT: 12.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>803</FONT></P></TD>

   <TD style="HEIGHT: 12.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>803</FONT></P></TD></TR>

<TR style="HEIGHT: 12.05pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="58%">

   <P style="MARGIN: 0cm 11.3pt 0pt 0cm; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total undeveloped sites </FONT></B></P></TD>

   <TD style="HEIGHT: 12.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,855</FONT></B></P></TD>

   <TD style="HEIGHT: 12.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,855</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.3pt">

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 11.3pt 0pt 0cm; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Properties under development:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.3pt">

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 11.3pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Vista al Muelle </FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>41,792</FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,362</FONT></P></TD></TR>

<TR style="HEIGHT: 11.3pt">

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 11.3pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Zetol </FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>60,295</FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,567</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 11.3pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Pereiraola </FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,200</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,200</FONT></P></TD></TR>

<TR style="HEIGHT: 12.05pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="58%">

   <P style="MARGIN: 0cm 11.3pt 0pt 0cm; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total properties under development </FONT></B></P></TD>

   <TD style="HEIGHT: 12.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>110,287</FONT></B></P></TD>

   <TD style="HEIGHT: 12.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>114,129</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.3pt">

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 11.3pt 0pt 0cm; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Completed properties:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.3pt">

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 11.3pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Abril </FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,357</FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,357</FONT></P></TD></TR>

<TR style="HEIGHT: 11.3pt">

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>San Mart&#237;n de Tours </FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>124</FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>124</FONT></P></TD></TR>

<TR style="HEIGHT: 11.3pt">

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 11.3pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Entre Rios 465/9 apartment </FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,400</FONT></P></TD></TR>

<TR style="HEIGHT: 11.3pt">

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 11.3pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Condominio I </FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21</FONT></P></TD></TR>

<TR style="HEIGHT: 11.3pt">

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 11.3pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Condominio II</FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>518</FONT></P></TD>

   <TD style="HEIGHT: 11.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>518</FONT></P></TD></TR>

<TR style="HEIGHT: 12.05pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total completed properties </FONT></B></P></TD>

   <TD style="HEIGHT: 12.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,020</FONT></B></P></TD>

   <TD style="HEIGHT: 12.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,420</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.05pt">

   <TD style="HEIGHT: 12.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 12.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.05pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>126,162</FONT></B></P></TD>

   <TD style="HEIGHT: 12.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.05pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>131,404</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 75.2pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>42</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>13.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Intangible assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 29.75pt 0pt 0cm; LINE-HEIGHT: 11pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in the Group&#8217;s intangible assets for the three-month period ended September 30, 2015 and for the year ended June 30, 2015 were as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 29.75pt 0pt 0cm; LINE-HEIGHT: 11pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="29%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Goodwill </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Computer software</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Rights</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>of use (ii)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Right to receive future units under barter agreements (iii)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Others</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At June 30, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,824</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,324</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,873</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>85,077</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,861</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>141,959</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17,020)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(854)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17,874)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,824</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,304</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,873</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>85,077</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,007</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>124,085</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Year ended June 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening residual value </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,824</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,304</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,873</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>85,077</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,007</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>124,085</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>925</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,409</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,334</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(343)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(37)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(380)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,011)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(471)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,148)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,630)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value at the year end</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,481</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,181</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,402</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,486</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,859</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>127,409</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At June 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,481</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,212</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,873</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,486</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,861</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>147,913</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,031)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(471)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,002)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,504)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,481</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,181</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,402</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,486</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,859</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>127,409</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Period ended September 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening residual value </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,481</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,181</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,402</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,486</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,859</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>127,409</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>24</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(155)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(235)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(548)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(938)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Closing residual value</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,481</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,050</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,167</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,486</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,311</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>126,495</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Period ended September 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,481</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,236</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,873</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,486</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,861</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>147,937</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,186)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(706)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,550)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(21,442)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="29%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,481</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,050</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,167</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,486</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,311</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>126,495</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0pt 0pt 15pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Amortization charges of intangible assets are included in &#8220;General and administrative expenses&#8221; in the statement of income (Note 29). There are no impairment charges for any of the years / period presented.</FONT></P>

<P style="MARGIN: 0cm 0pt 0pt 15pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Correspond to Distrito Arcos Depreciation began in January, 2015, upon delivery of the shopping center.</FONT></P>

<P style="MARGIN: 0cm 0pt 0pt 15pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Correspond to receivables in kind representing the right to receive residential apartments in the future by way of barter agreements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 29.75pt 0pt 0cm; LINE-HEIGHT: 11pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>43</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>14.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Inventories</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 21.3pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Breakdown of Group&#8217;s inventories as of September 30, 2015 and June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Hotel supplies</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7,011</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>6,926</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Materials and others items of inventories</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>15,664</FONT></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>15,844</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current inventories</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>22,675</FONT></B></P></TD>

   <TD style="HEIGHT: 10.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>22,770</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total inventories</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>22,675</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>22,770</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>15.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial instruments by category</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 54pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Determination of fair values</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IFRS 9 defines the fair value of a financial instrument as the amount for which an asset could be exchanged, or a financial liability settled, between knowledgeable, willing parties in an arm&#8217;s length transaction. All financial instruments recognized at fair value are allocated to one of the valuation hierarchy levels of IFRS 7. This valuation hierarchy provides for three levels. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In the case of Level 1, valuation is based on quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company can refer to at the date of valuation. A market is deemed active if transactions of assets and liabilities take place with frequency and in sufficient quantity. Since a quoted price in an active market is the most reliable indicator of fair value, this should always be used if available. The financial instruments the Group has allocated to this level mainly comprise equity investments, mutual funds, derivatives, securities and non-convertible notes for which quoted prices in active markets are available. In the case of securities, the Group allocates them to this level when either a stock market price is available or prices are provided by a price quotation on the basis of actual market transactions. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In the case of Level 2, fair value is determined by using valuation methods based on inputs directly or indirectly observable in the market. If the financial instrument concerned has a fixed contract period, the inputs used for valuation must be observable for the whole of this period. The financial instruments the Group has allocated to this level mainly comprise interest rate swaps and foreign currency future contracts.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>44</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>15.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial instruments by category </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In the case of Level 3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no market data are available. The inputs used reflect the Group&#8217;s assumptions regarding the factors which market players would consider in their pricing. The Group uses the best available information for this, including internal company data. The Group has allocated to this level preferred shares and warrants of Condor, the commitment to tender offer of shares in IDBD, the investment in the associate IDBD and other borrowings. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group&#8217;s Finance Division has a team in place in charge of estimating valuation of financial assets required to be reported in the financial statements, including the fair value of Level 3 instruments. The team directly reports to the Chief Financial Officer ("CFO").</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The CFO and the valuation team discuss the valuation methods and results upon the acquisition of an asset and, if necessary, on a quarterly basis, in line with the Group&#8217;s quarterly reports. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>According to the Group&#8217;s policy, transfers among the several categories of valuation tiers are recognized when occurred, or when there are changes in the prevailing circumstances requiring the transfer.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As described in Note 3 to the Annual Consolidated Financial Statements as of June 30, 2015, the Group has priced its investment in IDBD at market value using the exception provided in IAS 28 (see Note 2 for further details). The investment in IDBD consists of 324 million of common stocks representing 49% of IDBD&#8217;s share capital, and 248 million warrants to purchase common stocks.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Until June 30, 2015 the Group considered that the listing value of IDBD&#8217;s share in the Tel Aviv Stock Exchange was representative of the market value of its investment and, therefore, priced its holdings in accordance with such value, and categorized it as Level 1.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As mentioned in Note 9 to these Financial Consolidated Statements as part of the&nbsp;Arrangement,&nbsp;Dolphin </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>promised to make one or more Tender Offers</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>for the purchase of IDBD&#8217;s shares at a fixed price for a total amount of NIS&nbsp;512.09 million</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On October 20, 2015, a first instance judge of the Tel Aviv-Jaffo Court approved a petition made by the representatives of the Creditors subject to the Arrangement and resolved that the shares held by Dolphin or any company controlled by Eduardo S. Elsztain could not be offered in the Tender Offers committed for December 2015 and December 2016. Dolphin decided to challenge the ruling by filing an appeal with Israel&#8217;s Supreme Court of Justice.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>15.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial instruments by category </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Even though IDBD&#8217;s capital is composed of only one class of common shares holding the same rights, the cited ruling could be construed as creating &#8220;de facto&#8221; two classes of stocks with different rights, one that may be included in the Tender Offers and another class &#8211; which belongs to any company controlled by Eduardo S. Elsztain &#8211; which may not. This would imply that the stock&#8217;s listed price (which has an embedded value component for the commitment of future Tender Offers) is not representative as such for pricing Dolphin&#8217;s holding of stocks.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>According to the Company&#8217;s policy, transfers to and from different levels of category of market value of IFRS 13 as of the date of the event or change in the circumstances that lead to the transfer. Based on the above described circumstances, the Company believes that it should cease to consider the listed price (Level 1 valuation) and make use of a valuation model with unobservable variables (Level 3 valuation) to estimate the market value of its investment in IDBD.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>To that end, the Company has developed an in-house pricing model based on a Black-Scholes model, which fixes the Tender Offer component value embedded in the share&#8217;s listed price, and subtracts it to determine a market value for the investment. Furthermore, the model weights occurrence probabilities for different scenarios. The pricing of its investment in IDBD has been categorized as Level 3 because it uses significant unobservable variables, including, but not limited to, probability, interest rate and volatility, to determine the market value. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Based upon its legal advisors&#8217; opinion, Dolphin believes it has chances to revert the first instance ruling at the Supreme Court of Justice. Dolphin has assigned equal probabilities of success or failure in the appeal. Should Dolphin fails in the appeal, the company believes the Supreme Court&#8217;s ruling could open up a range of possibilities as to the amounts that stocks could be offered in the Tender Offers.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Thus, the pricing model used to determine the investment market value considers the following scenarios:</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Scenario 1:</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The company has a 50% chance of a favorable outcome in the appeal filed with the Supreme Court of Justice and, therefore, all the shares held by Dolphin and any other company controlled by Eduardo S. Elsztain can be included in the Tender Offers. This implies a status quo with regard to the pricing methodology as of June 30, 2015 and, hence, the listing value of IDBD&#8217;s stocks would only be affected for the pricing of the Company&#8217;s holding regarding the valuation difference between June 30, 2015 and September 30, 2015.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>15.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial instruments by category </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Scenario 2:</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The company has a 50% chance of an unfavorable ruling by the Supreme Court of Justice. This scenario is in turn divided into secondary scenarios in accordance with the amounts of the stocks held by Dolphin or other companies controlled by Eduardo S. Elsztain, which could be included in the Tender Offers. The ruling could prohibit all of the stocks in the hands of Dolphin or any other company controlled by Eduardo S. Elsztain from being included in the Tender Offers or and could set different amounts of eligible shares to be part in the Tender Offer. Therefore, the Company has assigned different probabilities of occurrence to the secondary scenarios under scenario 2, according to the number of IDBD shares in its hands that could be included in the Tender Offers.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The relevant variables used in calculating the market value of the investment in IDBD are as follows:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Rate in NIS</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.8pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8.09&nbsp;%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>IDBD Spot Price</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.8pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>NIS 2.16</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Exchange rate US$ NIS</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.8pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3.92</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Exchange rate US$ Ps </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.8pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9.42</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share price volatility</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.8pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>70.6&nbsp;%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Risk free rate in ILS as of 12/31/2015</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.8pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.02&nbsp;%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Risk free rate in ILS as of 12/31/2016 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.8pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.10&nbsp;%</FONT></P></TD></TR></TABLE></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The probability scenarios of secondary scenario 2 are sensitive to the amount of the stocks that may be included in the Tender Offers and, therefore, influence on the calculation of the stock&#8217;s market value.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The warrants for purchasing IDBD&#8217;s common shares have been priced at their listing value upon considering it representative of their market value.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>47</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>15.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial instruments by category </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following tables present the Group&#8217;s financial assets and financial liabilities that are measured at fair value as of September 30, 2015 and June 30, 2015 and their allocation to the fair value hierarchy:</FONT></P>

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<TR style="HEIGHT: 12pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30, 2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 1</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 2</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 3</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at fair value through profit or loss:</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>73,580</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>73,580</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>225,616</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>225,616</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>106,118</FONT></P></TD>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>106,118</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>395,342</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>395,342</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,827</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,827</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,757</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,757</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>293,397</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>293,397</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Warrants of IDBD</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>358,485</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>358,485</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Warrants of DIC</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,107</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,107</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Mutual funds</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,714</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,714</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment in associates:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- IDBD</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,016,664</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,016,664</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total assets</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,249,327</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,242,280</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,491,607</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="60%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Commitment to tender offer shares in IDBD</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>499,779</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>499,779</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Foreign-currency future contracts</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,228</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,228</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Other borrowings</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,939</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,939</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total liabilities</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,228</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>516,718</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>519,946</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>48</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>15.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial instruments by category </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="60%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at fair value through profit or loss:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Investment in equity securities of TGLT</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>71,573</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>71,573</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Investment in preferred shares of Condor</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>348,854</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>348,854</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Investment in equity securities of Avenida Inc </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>102,316</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>102,316</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>144,808</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>144,808</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,789</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,789</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>101,649</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>101,649</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,640</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,640</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Warrants of IDBD</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>228,414</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>228,414</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Warrants of Condor</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

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   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,151</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,151</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Mutual funds</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,355</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,355</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment in associates:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- IDBD</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,528,687</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,528,687</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total assets</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,198,231</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>356,005</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,554,236</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="60%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments:</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Commitment to tender offer shares in IDBD</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>500,580</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>500,580</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Other borrowings</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,945</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,945</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="36%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total liabilities</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.2pt 0pt 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,945</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>500,580</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>526,525</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following table presents the changes in Level 3 instruments for the three-month period ended September 30, 2015 and June 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Preferred shares of Condor</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Warrants</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>of Condor</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investment in associate IDBD</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Commitment to tender offer of shares in IDBD</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other borrowings</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total as of June 30, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>211,170</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(320,847)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(109,677)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(45,151)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(45,151)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total gains / (losses) for the year</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>137,684</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,151</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(134,582)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,253</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balance at June 30, 2015</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>348,854</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,151</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(500,580)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(144,575)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfer to level 3</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,528,687</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(25,945)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,502,742</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>45,900</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,049)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(773)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,078</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total losses / gain for the period (i)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(123,238)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,151)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(557,923)</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,850</FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,779 </FONT></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(659,683)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balance at September 30, 2015</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>225,616</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,016,664 </FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(499,779)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,939)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>725,562</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The gain / (loss) is not realized as of September 30, 2015 and June 30, 2015 and is accounted for under &#8220;Financial results, net&#8221; in the statement of income (Note 32).</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>49</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>15.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial instruments by category </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Upon initial recognition (January, 2012), the consideration paid for the Shares and Warrants of Condor was assigned to both instruments based on the relative fair values of those instruments upon acquisition. The fair values of these instruments exceeded the price of the transaction and were assessed using a valuation method that incorporates unobservable market data. Given the fact that the fair value of these instruments was estimated by applying the mentioned method, the Group did not recognize a gain of US$ 7.9 million at the time of initial recognition. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>According to Group estimates, all things being constant, a 10% decline in the price of the underlying assets of preferred Shares and Warrants of Condor (data observed in the market) of Level 3 as of September 30, 2015, would reduce pre-tax income by Ps. 26.19 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>According to Group estimates, all things being constant, a 10% increase in the credit spread (data which is not observable in the market) of the preferred Shares and Warrants of Condor used in the valuation model applied to Level 3 financial instruments as of September 30, 2015, would increase pre-tax income by Ps. 1.25 million. The rate used as of September 30, 2015 was 14.42%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Group uses a range of valuation models for the measurement of Level 2 and Level 3 instruments, details of which may be obtained from the following table:</FONT></P>

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<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 1.7pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Description</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Pricing model</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Pricing method</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Parameters</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Range</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Derivative on tender offer IDBD</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Black-Scholes</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Theoretical price</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Underlying asset price; share price volatility (historical) and money market interest-rate curve (NIS rate curve).</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt; TEXT-INDENT: 5.3pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Underlying asset price</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>1.75 a 2.55</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Share price volatility</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>60% to 80%</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Money market interest-rate </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>0.02% to 0.9%</FONT></P></TD></TR>

<TR style="HEIGHT: 10pt">

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   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Interest rate swaps</FONT></P></TD>

   <TD style="HEIGHT: 10pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Cash flow</FONT></P></TD>

   <TD style="HEIGHT: 10pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Theoretical price</FONT></P></TD>

   <TD style="HEIGHT: 10pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt; TEXT-INDENT: 5.3pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Interest rate and cash flow future contract.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Preferred shares of Condor</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Binomial tree</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Theoretical price</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt; TEXT-INDENT: 5.3pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Underlying asset price (Market price); share price volatility (historical) and money market interest-rate curve (Libor rate).</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Underlying asset price 1.35 to 1.7</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Share price volatility 55% to 75%</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Money market interest-rate </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>0.5% to 0.7%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Warrants of Condor</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Black-Scholes</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Theoretical price</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt; TEXT-INDENT: 5.3pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Underlying asset price (Market price); share price volatility (historical) and money market interest-rate curve (Libor rate).</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Underlying asset price 1.35 to 1.7</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Share price volatility 55% to 75%</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Money market interest-rate </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>0.5% to 0.7%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Call option of Arcos</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Discounted cash flow</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt; TEXT-INDENT: 5.3pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Projected income and discounted interest rate.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Foreign currency-contracts</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Present value method</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Theoretical price </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt; TEXT-INDENT: 5.3pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Money market interest-rate curve, Foreign exchange curve</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>16.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Restricted assets</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Group&#8217;s restricted assets as of September 30, 2015 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

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   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Guarantee deposits</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif> </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,771</FONT></P></TD>

   <TD style="HEIGHT: 4.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,424</FONT></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total current restricted assets</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,771</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,424</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total restricted assets</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,771</FONT></B></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,424</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 54pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -54pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>17.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade and other receivables </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Group&#8217;s trade and other receivables as of September 30, 2015 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade, leases and services receivables</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>85,622</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>62,080</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Less: allowance for doubtful accounts</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,208)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,208)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current trade receivables</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>83,414</FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>59,872</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables of joint venture</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,729</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,595</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>VAT receivables</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,854</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24,943</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Prepaid expenses</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12,329</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11,274</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans granted</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,230</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,561</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances for share purchases (see Note 4)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12,585</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12,134</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>422</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>487</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current other receivables</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>56,149</FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>53,994</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties (Note 34)</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,309</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,275</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current trade and other receivables</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>140,872</FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>115,141</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>51</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>17.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade and other receivables </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 20.3pt">

   <TD style="HEIGHT: 20.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 20.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 20.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 20.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Consumer financing receivables</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>14,584</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>14,620</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade, leases and services receivables</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>371,787</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>356,217</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Receivables from hotel operations</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>32,544</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>21,144</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Checks to be deposited</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>236,279</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>234,059</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade and lease debtors under legal proceedings</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>70,728</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>69,236</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Less: Allowance for doubtful accounts</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(98,017)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(92,935)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current trade receivables</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>627,905</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>602,341</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>VAT receivables</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,057</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,309</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other tax receivables</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,268</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,398</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans granted</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12,522</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,448</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Prepaid expenses</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>102,998</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>99,345</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Advance payments for foreign currency future contracts</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>75</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances to suppliers</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>50,353</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>48,441</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,324</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22,889</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Less: Allowance for other receivables</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(165)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(165)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current other receivables</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>213,357</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>209,740</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties (Note 34)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>353,396</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>330,486</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current trade and other receivables</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,194,658</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,142,567</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total trade and other receivables</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,335,530</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,257,708</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Movements on the Group&#8217;s allowance for trade and other receivables are as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Beginning of the period / year</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>95,308</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>82,309</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,800</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26,251</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unused amounts reversed</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,692)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,875)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Used during the period / year</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(26)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,377)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>End of the period / year</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100,390</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>95,308</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The creation and release of provision for impaired receivables have been included in &#8220;Selling expenses&#8221; in the statement of income (Note 29). Amounts charged to the provision account are generally written off, when there is no expectation of recovering additional cash.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter55"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>52</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_56"></A>

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<a name="_bclHeader56"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>18.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investments in financial assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Group&#8217;s investments in financial assets as of September 30, 2015 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 18.05pt">

   <TD style="HEIGHT: 18.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 18.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 18.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 18.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at fair value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment in equity securities in TGLT</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>73,580</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>71,573</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment in preferred shares of Condor</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>225,616</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>348,854</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment in equity securities in Avenida Inc </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>106,118</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>102,316</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at amortized cost </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-Convertible Notes related parties (Note 34)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>194,907</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>179,760</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total investments in non-current financial assets</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>600,221</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>702,503</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at fair value</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Mutual funds (i)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>395,342</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>144,808</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco Macro bonds</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,827</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,789</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Public companies securities</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,757</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,640</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Government bonds</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>293,397</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>101,649</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial assets at amortized cost</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-Convertible Notes related parties (Note 34)</FONT></P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,776</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>30,523</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total investments in current financial assets</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>712,099</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>295,409</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total investments in financial assets</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,312,320</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>997,912</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0pt 0pt 49.65pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>It includes shares granted as collateral to transact foreign currency future contracts (see Note 19).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>53</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>19.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Derivative Financial Instruments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Group&#8217;s derivative financial instruments as of September 30, 2015 and June 30, 2015 are as follows:</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Assets</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.35pt">

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Warrants of Condor </FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7,151</FONT></P></TD></TR>

<TR style="HEIGHT: 14.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Warrants of DIC (Note 34)</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>933</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.35pt">

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Warrants of IDBD (Notes 4 and 34)</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>322,704</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>199,256</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total non-current derivative financial instruments</FONT></B></P></TD>

   <TD style="HEIGHT: 14.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>323,637</FONT></B></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.35pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>206,407</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 7.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Warrants of DIC (Note 34)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>174</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Warrants of IDBD (Notes 4 and 34)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>35,781</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>29,158</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total current derivative financial instruments</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>35,955</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>29,158</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total assets</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>359,592</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>235,565</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="53%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Commitment to tender offer shares in IDBD (Notes 4 and 34)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(264,098)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(263,969)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total non-current derivative financial instruments</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(264,098)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(263,969)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Commitment to tender offer shares in IDBD (Notes 4 and 34)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(235,681)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(236,611)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Foreign currency future contracts </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(3,228)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total current derivative financial instruments</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(238,909)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(236,611)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total liabilities</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(503,007)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(500,580)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total derivative financial instruments</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(143,415)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(265,015)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Group&#8217;s future exchanges contracts pending as of September 30, 2015 and June 30, 2015 are as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Futures</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Amount (US$)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Due date</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, <BR>2015</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco Galicia</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>8,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>01/29/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>(944)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco Galicia</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>7,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>04/29/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>(2,170)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco SBS</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>10,450</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>05/31/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco Cohen</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>11,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>01/29/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>(12)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco Finansur</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>15,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>03/31/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>(135)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.4pt">

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>51,450</FONT></B></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>(3,228)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.4pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR></TABLE></DIV><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>54</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>20.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash flow information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following table shows the amounts of cash and cash equivalents as of September 30, 2015 and June 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash at bank and on hand</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>694,502</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>372,825</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Mutual funds</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,714</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,355</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total cash and cash equivalents</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>698,216</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>375,180</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Following is a detailed description of cash flows generated by the Group&#8217;s operations for the three-month periods ended September 30, 2015 and 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Note</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(Loss) / Profit for the period</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt; TEXT-INDENT: -7.1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>315</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>,967)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>135,799</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Adjustments for</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Income tax expense</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.25pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>25</FONT></P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>112,269</FONT></P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.7pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>176,331</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Amortization and depreciation</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.25pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>29</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>54,566</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>42,830</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Gain from disposal of investment property</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.25pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(389,815)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(317,486)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Dividends received</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.25pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(4,370)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(4,195)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Share-based payments</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.25pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5,944</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>10,064</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 1.25pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(Loss) / Gain from derivative financial instruments</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.25pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(115,000)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>32,107</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Changes in fair value of investments in financial assets</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.25pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>263,100</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(119,120) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 1.25pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Interest expense, net</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.25pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>147,512</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>168,927</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 1.25pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(Loss) from disposal of associates</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.25pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>31</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(8,758)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Provisions and allowances</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.25pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>44,879</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>22,227</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Share of profit / (loss) of associates and joint ventures</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.25pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>8.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>491,412</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>111,650</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Gain on repurchase of Non-Convertible notes</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>297</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Unrealized foreign exchange loss, net</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>145,205</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>81,791</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Changes in operating assets and liabilities:</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Increase in inventories</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>95</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,170) </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Decrease in trading properties</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,297</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>736</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(Increase) / Decrease in trade and other receivables</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(31,187)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>165</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Increase in trade and other payables</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>81,335</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10,402</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Decrease in salaries and social security liabilities</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(49,349)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(34,740)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Decrease in provisions</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,086)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(705)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="49%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Net cash generated by operating activities before income tax paid</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>441,137</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0cm 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>306,855</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following table shows a detail of non-cash transactions occurred in the three-month periods ended September 30, 2015 and 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.7pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Decrease in borrowings through a decrease in equity investments in subsidiaries, associates and joint ventures</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>4,154</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.7pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Increase in investment properties through a decrease in financial assets</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>48,196</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.7pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Increase in trade and other receivables through a decrease in equity investments in associates and joint ventures</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>111,181</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.7pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Increase in restricted assets through a decrease in assets held for sale</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>8,742</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.7pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Increase in property, plant and equipment through an increase in borrowings</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1,026</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>458</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.7pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Use of tax loss carryforwards</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>9,244</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.7pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Share-based payments</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>4,330</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.7pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Decrease in property, plant and equipment to investment properties</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>8,273</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #cceeff; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="59%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.7pt 0pt 0cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Cumulative translation adjustment</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>35,210</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>55</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>21.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade and other liabilities</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Group&#8217;s trade and other payables as of September 30, 2015 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></I>&nbsp;</P>

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<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="53%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Admission rights</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>154,412</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>146,036</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Sale and rent payments received in advance</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>62,061</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>63,986</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Guarantee deposits</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,608</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,236</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current trade payables</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>220,081</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>216,258</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax payment facilities plan</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22,410</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24,080</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred income tax</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,296</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,420</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,029</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,825</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current other payables</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>38,735</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>38,325</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties (Note 34)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,322</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>45</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current trade and other payables</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>263,138</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>254,628</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>94,773</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>104,185</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accrued invoices</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>157,057</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>118,985</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Guarantee deposits</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>17,427</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>14,302</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Admission rights</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>149,118</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>142,709</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Sale and rent payments received in advance</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>244,567</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>223,068</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current trade payables</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>662,942</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>603,249</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>VAT payables</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>58,242</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>43,732</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred revenue</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>495</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>495</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other tax payables</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>32,441</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>38,639</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends payable to non-controlling shareholders</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,604</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>59,377</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,630</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,032</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current other payables</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>124,412</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>158,275</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties (Note 34)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>176,933</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>134,472</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current trade and other payables</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>964,287</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>895,996</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total trade and other payables</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,227,425</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,150,624</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>56</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt 54pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 54pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 54pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -54pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>22.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Salaries and social security liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Group&#8217;s Salaries and social security liabilities as of September 30, 2015 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Social security payable</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2,215</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2,220</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total non-current salaries and social security liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2,215</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2,220</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Provision for vacation, bonuses and others</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>54,728</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>95,372</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Social security payable</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>18,281</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>26,406</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Others</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>248</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>828</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total current salaries and social security liabilities</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>73,257</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>122,606</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total salaries and social security liabilities</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>75,472</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>124,826</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 54pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -54pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>23.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provisions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The table below shows the movements in the Group's provisions for other liabilities categorized by type of provision:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Labor, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>legal and other claims (i)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax and </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>social security claims (i) </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>in associates </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>and joint ventures (ii)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>At June 30, 2014</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.7pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>45,088</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,590</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>176,982</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>223,660</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.7pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,316</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>285</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>159,022</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>193,623</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Recovery</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.7pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(14,157)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(399)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(59)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(14,615)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Used during the year</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.7pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,021)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,021)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%" align=left>

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Contributions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.7pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,522)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,522)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%" align=left>

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.7pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,508</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,508</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%" align=left>

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>At June 30, 2015</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.7pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,226</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,476</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>362,931</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>425,633</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.7pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,847</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>164</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>40,133</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>45,144</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Recovery</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.7pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,867)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,304)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,171)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Used during the period</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.7pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,086)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,086)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Contributions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.7pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,828)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,828)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.7pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,150</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,150</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="35%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>At September 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.7pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>63,120</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,640</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>384,082</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>448,842</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)&nbsp;&nbsp; Additions and recoveries are included in "Other operating results, net".</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(ii) &nbsp;Corresponds to the equity interest in New Lipstick LLC with negative equity. Additions and recoveries are included in "Share of profit / (loss) of associates and joint ventures".</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 14.2pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 7pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>57</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 54pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -54pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>23.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Provisions</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Disclosure of total provisions in current and non-current is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 11.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="51%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.55pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Non-current</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>396,967</FONT></P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>374,121</FONT></P></TD></TR>

<TR style="HEIGHT: 11.55pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>51,875</FONT></P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>51,512</FONT></P></TD></TR>

<TR style="HEIGHT: 11.55pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="51%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.55pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>448,842</FONT></B></P></TD>

   <TD style="HEIGHT: 11.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.55pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>425,633</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 7pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>58</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>24.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The breakdown of the Group borrowings as of September 30, 2015 and June 30, 2015 was as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 11.15pt; PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="8%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="8%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="8%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 24.7pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Book value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Secured / unsecured</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Rate</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Effective</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>interest rate %</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Nominal Value</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>of share capital</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.25pt 0pt 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="32%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>NCN IRSA due 2017 </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>150,000</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,412,064</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,352,655</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>NCN IRSA due 2017 </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Badlar + 450 ps</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,790</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,739</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,730</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="32%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>NCN IRSA CP due 2017 </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7.88%</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>116,000</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,064,136</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,025,376</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" width="32%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>NCN IRSA CP Class I due 2017 (i)&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Ps. </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0pt 0pt 0cm; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed / Floating</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(i)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>407,260</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>405,869</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="32%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>NCN IRSA due 2020 </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>11.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>139,493</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,291,604</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,244,990</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Seller financing of plot of land (ii)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,334</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22,034</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>21,271</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="32%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Seller financing of Zetol S.A. (iii)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3.5%</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,500</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>51,843</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>49,688</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Bank loans (iv)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(iv)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13,594</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,386</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,158</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="32%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance leases obligations </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7% to 12.8%</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>335</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,945</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,223</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance leases obligations </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>33.52%</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>365</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>162</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="32%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current borrowings</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,266,782</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,714,091</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="32%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties (Note 34) (1)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22,688</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>21,937</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="32%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current borrowings</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="MARGIN: 1pt 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,289,470</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,736,028</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.2pt 0pt 0pt; LINE-HEIGHT: 6pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Related parties breakdown (Note 34)</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>NCN: Non-convertible Notes</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 7pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>59</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 13pt; TEXT-INDENT: -54pt; MARGIN: 0cm 0cm 0pt 54pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>24.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Borrowings </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="7%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="7%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="7%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Book value</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Secured / unsecured</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Currency</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Effective </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>interest rate %</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Nominal Value</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>of share capital</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>NCN IRSA due 2015 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Badlar + 395ps</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>214,084</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>NCN IRSA due 2017 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>150,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>19,351</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>47,318</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>NCN IRSA due 2017 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Badlar + 450ps</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10,790</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>265</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>258</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>NCN IRSA CP due 2017 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7.88%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>116,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>32,285</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10,677</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>NCN IRSA CP Class I due 2017 (i)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed / Floating </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(i)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>407,260</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>908</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>NCN IRSA due 2020 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>11.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>139,493</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>29,389</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>64,795</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Bank overdrafts (v)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(v)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>836,983</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>681,551</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Bank loan (iv)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(iv)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>13,594</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7,008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,855</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Syndicated loan (vi)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(vi)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>50,129</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>50,058</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>75,485</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=ES-AR face=arial,sans-serif>Banco Provincia de Buenos Aires loan (vii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(vii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>248,222</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>246,064</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>106,469</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Repurchase agreement with haircut </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(viii)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>37,443</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>38,170</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Other borrowings </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>16,939</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>25,945</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Finance leases obligations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7% to 12.8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>335</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,576</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,512</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Finance leases obligations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>33.52%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>365</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>94</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Borrowings current</FONT></B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,279,090</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,233,949</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Related parties (Note 34) (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>15,156</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>13,847</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Current borrowings</FONT></B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,294,246</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,247,796</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total borrowings</FONT></B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,583,716</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,983,824</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 6pt; MARGIN: 0cm 14.2pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 7pt; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Related parties breakdown (Note 34)</FONT></P>

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<P style="LINE-HEIGHT: 7pt; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>NCN: Non-convertible Notes</FONT></P>

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   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(i)</FONT></TD>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>On September 18, 2015, IRSA Propiedades Comerciales S.A. issued non-convertible notes Class I at a mixed rate with maturity of 18 months for an amount of Ps. 407.3 million. The first three months the interest rate will be fixed at 26.5% and from the fourth month until maturity pricing will be Badlar plus four basis points. Interest will be paid quarterly and principal will be repaid in full at maturity.</FONT></P></TD></TR>

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   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>(ii)</FONT></TD>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Seller financing of plot of land - Vista al Muelle S.A. in Canelones, Uruguay (Trading properties).</FONT></P></TD></TR>

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   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(iii)</FONT></TD>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Seller financing of Zetol S.A. (trading properties): </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>Mortgage financing of US$ 7 million with a fixed 3.5% interest rate. The balance is payable, by choice of the seller, in money or with the delivery of units in buildings to be built representative of 12% of the total marketable square meters built.</FONT></P></TD></TR>

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   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(iv)</FONT></TD>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>On December 23, 2013 a loan has been entered into with Banco Citibank N.A. for an amount of Ps. 5.9 million and shall accrue interest at a rate of 15.25%. Principal will be repaid in 9 quarterly consecutive installments beginning in December 2014. Additionally, on December 30, 2014 a new loan has been entered into with Banco Citibank N.A. for an amount of Ps. 10 million and shall accrue interest at a rate of 26.50%. Principal will be repaid in 9 quarterly consecutive installments beginning in December 2015.</FONT></P></TD></TR>

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   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(v)</FONT></TD>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>As of September 30, 2015 and 2014, bank overdrafts were drawn on several domestic financial institutions. The Company has bank overdrafts of less than three months bearing floating interest rates ranging from 19% to 42.1% per annum.</FONT></P></TD></TR>

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   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(vi)</FONT></TD>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>On November 16, 2012 the Company subscribes a syndicated loan for Ps. 118,000. Principal will be payable in 9 quarterly consecutive installments and shall accrue interest at rate of 15.01%. On June 12, 2013 the Company subscribes a new syndicated loan for Ps. 111,000. Principal will be payable in 9 quarterly consecutive installments and shall accrue interest at rate of 15.25%. Both loans have been entered into with various banking institutions, one of which is Banco Hipotecario (Note 34).</FONT></P></TD></TR>

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   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(vii)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN-LEFT: 5pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>On December 12, 2012, the Group subscribed a loan with Banco Provincia de Buenos Aires for Ps. 29 million. Principal will be repaid in 9 quarterly consecutive installments beginning in December 2013. Finally, on June 3, 2015, the Group subscribed a loan with Banco Provincia de Buenos Aires for Ps. 100 million. Principal will be repaid at due date in December 2015. </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face=arial,sans-serif>On February 3, 2014 a loan has been entered into for an amount Ps. 20 million and on December 23, 2014 a loan has been entered into with Banco Provincia de Buenos Aires for an amount of Ps. 120 million. At the date of issuance of these financial statements are both fully cancelled.</FONT></P></TD></TR>

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   <TD vAlign=top width="1%"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(viii)</FONT></TD>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>During the quarter ended September 30, 2015, loans were taken in the stock market for terms ranging between seven and thirty days at rates ranging between 20.38% and 24% collateralized by securities.</FONT></P></TD></TR></TABLE></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>24.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Book value</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Rate</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Effective </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>interest rate %</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Nominal Value </FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco Hipotecario</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,000</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,355</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,250</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco Hipotecario</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15.25%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,000</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,125</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,249</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cyrsa S.A </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>14,811</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>17,208</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>14,438</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-current related parties borrowings</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22,688</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>21,937</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco Hipotecario</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15.25%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,000</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,390</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,388</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco Hipotecario</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,000</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,539</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,633</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Nuevo Puerto Santa Fe</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Badlar + 300</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,635</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8,227</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,826</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current related parties borrowings</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,156</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13,847</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total related parties borrowings</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>37,844</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>35,784</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.2pt 0pt 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.2pt 0pt 0cm; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp; NCN: Non-convertible Notes</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.2pt 0pt 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.2pt 0pt 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.2pt 0pt 0cm; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 7pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=ES-AR style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>61</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt 54pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 54pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 54pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -54pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>25.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Taxes</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The details of the provision for the Group&#8217;s income tax, is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 12pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current income tax</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>73,904</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>261,384</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Deferred income tax</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>38,365</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>(85,860)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Minimum Presumed Income tax (MPIT)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>807</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Income tax</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>112,269</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>176,331</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The gross movement on the deferred income tax account is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 4.3pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Beginning of the period / year</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,370</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>23,034 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Use of tax loss carryforwards</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>(9,239)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(157,367)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Cumulative translation adjustment</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,233)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Assets held for sale</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(33,346)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Income tax expense and deferred income tax</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(38,365)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>170,282</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>End of period / year</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(46,234)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,370</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group did not recognize deferred income tax assets of Ps. 37.9 million and Ps. 36.1 million as of September 30, 2015 and June 30, 2015, respectively. Although management believes that it will become profitable in the foreseeable future, as a result of the history of recent losses incurred during the development phase of certain Group&#8217;s business operations and the lack of verifiable and objective evidence due to the limited operating history of such Group&#8217;s operations, the Board of Directors has determined that there is sufficient uncertainty as to the generation of sufficient taxable income to utilize the losses within a reasonable timeframe, therefore, no deferred tax asset is recognized in relation to these losses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Below is a reconciliation between income tax recognized and that which would result applying the prevailing tax rate on Profit before income tax for the three-month periods ended September 30, 2015 and 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.2pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="58%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17.35pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 17.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax calculated at the tax rates applicable to profits in the respective countries</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 17.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(130,114)</FONT></P></TD>

   <TD style="HEIGHT: 17.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>126,052</FONT></P></TD></TR>

<TR style="HEIGHT: 9.25pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Permanent differences:</FONT></I></P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of profit / (loss) of associates and joint ventures</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>230,574</FONT></P></TD>

   <TD style="HEIGHT: 5.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>56,694</FONT></P></TD></TR>

<TR style="HEIGHT: 8.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Unrecognized tax losses carryforwards</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,191</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,113</FONT></P></TD></TR>

<TR style="HEIGHT: 8.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-taxable income and others</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,774</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,894)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>844</FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,441)</FONT></P></TD></TR>

<TR style="HEIGHT: 7.2pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 7.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>112,269</FONT></B></P></TD>

   <TD style="HEIGHT: 7.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>175,524</FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.2pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 7.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="58%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Minimum Presumed Income tax (MPIT)</FONT></B></P></TD>

   <TD style="HEIGHT: 7.2pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 7.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.2pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>807</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>62</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 25.1pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>26.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Shareholders&#8217; equity</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Share capital and premium</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The share capital of the Group is represented by common shares with a nominal value of Ps. 1 per share and one vote each. As of June 30, 2013, no changes were recorded in the equity accounts. During this period, the Company accounted for purchases of treasury stock in share capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Inflation adjustment of share capital </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Under Argentine GAAP, the Group&#8217;s financial statements were previously prepared on the basis of general price-level accounting which reflected changes in the purchase price of the Argentine Peso in the historical financial statements through February 28, 2003. The inflation adjustment related to share capital was appropriated to an inflation adjustment reserve that formed part of shareholders' equity. The balance of this reserve could be applied only towards the issuance of common stock to shareholders of the Company. Resolution 592/11 of the CNV requires that at the transition date to IFRS certain equity accounts, such as the inflation adjustment reserve, are not adjusted and are considered an integral part of share capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Legal reserve</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>According to the Argentine laws, 5% of the profit of the year is separated to constitute legal reserve until they reach legal capped amounts (20% of total capital). This legal reserve is not available for the dividend distribution and can only be released to absorb losses. The Group did not reach the legal capped amounts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 36pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Special reserve</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Pursuant to CNV General Ruling N&#176; 609/12, the Company set up a special reserve reflecting the positive difference between the balance at the beginning of retained earnings disclosed in the first financial statements prepared according to IFRS and the balance at closing of retained earnings disclosed in the last financial statements prepared in accordance with previously effective accounting standards. This reserve may not be used to make distributions in kind or in cash, and may only be reversed to be capitalized, or otherwise to absorb potential negative balances in Retained Earnings.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Reserve for new developments</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Company and subsidiaries may separate portions of their profits of the year to constitute voluntary reserves according to company law and practice. These special reserves may be for general purposes or for specific uses such as new developments. The voluntary reserves may be released for dividend distribution.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>63</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>26.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Shareholders&#8217; Equity </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Repurchase plan involving common shares and GDS issued by IRSA</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On July 25, 2013, IRSA&#8217;s Board of Directors set forth the terms and conditions governing the purchase of the Company&#8217;s own stock pursuant to Section 64 of Law N&#176; 26,831 and the CNV&#8217;s regulations,&nbsp; for up to an aggregate amount of Ps. 200.0 million and up to 5% of the capital stock, in the form of shares or Global Depositary Shares (GDS) representing 10 shares each, and up to a daily limit of 25% of the average daily transaction volume experienced by the IRSA&#8217;s shares, along with the markets where they are listed, during the prior 90 business days, and at a price ranging from a minimum of Ps. 1 up to Ps. 8 per share. On September 18, 2013 the Board of Directors decided to increase the maximum price to Ps. 10.00 per common share and US$ 10.50 per GDS. On October 15, 2013, IRSA&#8217;s Board of Directors approved a new increase to the maximum price, raising it to Ps. 11.00 per common share and US$ 11.50 per GDS. On October 22, 2013 IRSA&#8217;s Board of Directors approved a new increase to the maximum price, raising it to Ps.14.50 per common share and US$ 15.00 per GDS. During the year ended June 30, 2014, the Company repurchased 533,947 common shares (nominal value Ps. 1 per share) for a total of Ps. 5.2 million and 437,075 GDS (representing 4,370,750 common shares) for a total amount of US$ 5.2 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On June 10 2014, the Board of Directors of IRSA resolved to terminate the stock repurchase plan that was approved by resolution of the Board on July 25, 2013, and modified by resolutions adopted on September 18, 2013, October 15, 2013 and October 22, 2013. During the term of the Stock Repurchase Plan, IRSA has repurchased 4,904,697 shares for an aggregate amount of Ps. 37,905,631.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Dividends </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>During the three-month period ended September 30, 2015 there were no distributions of dividends. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Additional Paid-in Capital from Treasury Stock</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Upon sale of treasury shares, the difference between the net realizable value of the treasury shares sold and the acquisition cost will be recognized, whether it is a gain or a loss, under the non-capitalized contribution account and will be known as &#8220;Treasury shares trading premium&#8221;.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>64</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>27.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Revenues</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Base rent</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>349,339</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>304,460</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Contingent rent</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>137,936</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>86,610</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Admission rights</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>45,015</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>34,600</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Averaging scheduled rent escalation</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>3,836</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>9,663</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Parking fees</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>36,965</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>24,844</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Letting fees</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>15,745</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>14,135</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Property management fee</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>8,717</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7,483</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Others</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>4,115</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5,222</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Rental and service income</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>601,668</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>487,017</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Sale of trading properties</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,158</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>4,748</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Revenue from hotel operations</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>110,695</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>96,827</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Consumer financing</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>28</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>55</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total income from sales, rents and services</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>713,549</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>588,647</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Income from expenses adjustment and FPC</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>254,941</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>201,422</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total revenues</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>968,490</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>790,069</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>28.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Costs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30, <BR>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.25pt">

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Costs of rental and services costs</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>348,980</FONT></P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>284,463</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Cost of sale and development</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>4,559</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2,666</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Costs from hotel operations</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>81,563</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>66,291</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Costs from consumer financing</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>74</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total costs</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>435,134</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>353,494</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>29.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Expenses by nature</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group disclosed expenses the statements of income by function as part of the line items &#8220;Costs&#8221;, &#8220;General and administrative expenses&#8221; and &#8220;Selling expenses&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following tables provide the additional required disclosure of expenses by nature and their relationship to the function within the Group. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>65</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>29.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Expenses by nature </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>For the period ended September 30, 2015: </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="38%" colSpan=7>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Group Costs</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 28.6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sale and development </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Costs of rental and services</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Costs from consumer financing </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Costs from hotel operations</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General and administrative expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Selling expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Salaries, social security costs and other personnel expenses</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>110,316</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>48,972</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>33,807</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,048</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>202,143</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Maintenance, security, cleaning, repair and others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,048</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>98,336</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,657</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,596</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>206</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>117,843</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Advertising and others selling expenses</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52,610</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,683</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>61,300</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Taxes, rates and contributions</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>751</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27,244</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,028</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>30,001</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>61,114</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Amortization and depreciation</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>49,456</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,891</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,120</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>82</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,566</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fees and payments for services</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>678</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>197</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36,873</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,643</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>39,547</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Director&#180;s fees</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36,627</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36,627</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Food, beverage and other lodging expenses</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,654</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,165</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,072</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,891</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other expenses</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,864</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>139</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,963</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>327</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,297</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Leases and service charges</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>215</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,476</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>280</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>907</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>469</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,347</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Allowance for trade and other receivables (charge and recovery, net)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,108</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,108</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sales of properties</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,400</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,400</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="32%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 1.15pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total expenses by nature</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,559</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>348,980</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>32</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>81,563</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>131,086</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54,963</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>621,183</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -42.55pt; MARGIN: 0cm 0cm 0pt 42.55pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>66</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>29.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Expenses by nature </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>For the period ended September 30, 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="38%" colSpan=7>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Group Costs</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 28.6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sale and development </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Costs of rental and services</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Costs from consumer financing </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Costs from hotel operations</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General and administrative expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Selling expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 28.6pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Salaries, social security costs and other personnel expenses</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>165</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>91,333</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,264</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,872</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,723</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>160,357</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Maintenance, security, cleaning, repair and others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>912</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>76,220</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,306</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,138</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>237</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>90,813</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Advertising and others selling expenses</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>31,889</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,540</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,530</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,959</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Taxes, rates and contributions</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>684</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>25,638</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,287</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,130</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>48,739</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Amortization and depreciation</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>208</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,585</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,838</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,136</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>63</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>42,830</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fees and payments for services</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,992</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>65</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>402</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>18,169</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,710</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>28,343</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Director&#180;s fees</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>19,377</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>19,377</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Food, beverage and other lodging expenses</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,550</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,887</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,297</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>18,734</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other expenses</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,408</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>141</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,734</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>238</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,542</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Leases and service charges</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>93</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,398</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>250</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>789</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,830</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Allowance for trade and other receivables (charge and recovery, net)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,194</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,194</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sales of properties</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>587</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>587</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 1.15pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total expenses by nature</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,666</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>284,463</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>74</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>66,291</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>79,389</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,422</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>470,305</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter70"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>67</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>30.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Employee costs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Salaries, bonuses and social security expenses</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>183,082</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>137,404</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Costs of equity incentive plan and defined contribution plan</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>8,232</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>12,503</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Other employee costs and benefits</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>10,829</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>10,450</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total employee costs</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>202,143</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>160,357</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 42.55pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -42.55pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>31.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other operating results, net</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="55%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Gain from disposal of equity interest in associates</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>8,758</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Donations</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(4,560)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(3,731) </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Judgments and other contingencies (i)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(3,491)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(759) </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Tax on shareholders&#8217; personal assets</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(877)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(508) </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Others</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(4,170)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(942)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total other operating results, net</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(13,098)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2,818</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 85.7pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -50.25pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Includes legal costs and expenses</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>32.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial results, net</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.15pt 0pt 0cm; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Finance income:</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.15pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>- Interest income</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>23,644</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>9,503</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>- Foreign exchange</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>18,385</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>10,127</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>- Dividends income</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>4,370</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>4,195</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total finance income</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>46,399</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>23,825</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Finance costs:</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 4.3pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>- Interest expense</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(171,156)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(178,430)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 4.3pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>- Foreign exchange</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(140,996)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(129,140)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 4.3pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>- Other finance costs</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(22,160)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(21,590)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 4.3pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Subtotal finance costs</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(334,312)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(329,160)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 4.3pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Less: Capitalized finance costs</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2,034</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 4.3pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total finance costs</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(334,312)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(327,126)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 4.3pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Other financial results:</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 4.3pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>- Fair value gain of financial assets and liabilities at fair value through profit or loss, net</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(263,100)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>119,120</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 4.3pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>- Gain / (Loss) on derivative financial instruments, net</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>115,000</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(32,107)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 4.3pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>- Loss on repurchase of Non-Convertible Notes</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(297)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total other financial results</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(148,397)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>87,013</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total financial results, net</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(436,310)</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(216,288)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>68</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>33.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Share-based payments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Equity incentive plan</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Group incurred a charge of Ps. 5,944 and Ps. 12,252 for the three-month periods ended September 30, 2015 and 2014, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>34.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>During the normal course of business, the Group conducts transactions with different entities or parties related to it. An individual or legal entity is considered a related party where:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 49.65pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>An entity, individual or close relative of such individual or legal entity exercises control, or joint control, or significant influence over the reporting entity, or is a member of the Board of Directors or the Senior Management of the entity or its controlling company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 49.65pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>An entity is a subsidiary, associate or joint venture of the entity or its controlling or controlled company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The main transactions conducted with related parties are described in the annual Financial Statements for the fiscal year ended June 30, 2015.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>69</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 10pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>34.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.55pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The following is a summary of the balances with related parties as of September 30, 2015:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Description of transaction</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade and other receivables non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade and other receivables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Investments </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>in financial assets</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Investments </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>in financial assets current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Derivative financial instruments non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Derivative financial instruments current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>and other payables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>and other payables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Parent Company</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=8 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=ES-AR style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Cresud S.A.C.I.F. y A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(8,956)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Corporate services</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(61,625) </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Sale of property</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>216 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Management Fees</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(20)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Leases and/or rights of uses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1,687</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>94,907 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>105 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(15,075) </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(337)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Long-term incentive plan</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(5,266)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Share-based compensation plan</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(18,580)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total Parent Company</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1,907 </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>94,907 </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>105 </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(94,447) </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(15,075)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(337) </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Associates</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=5 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Banco Hipotecario S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(886)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Advances</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(50) </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(5,480)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(17,657)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Commissions per stands</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>68</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>353 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Lipstick Management LLC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>886 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>New Lipstick LLC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>2,646 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=ES-AR style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Banco de cr&#233;dito y securitizaci&#243;n</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>100,000 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>5,671 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>36 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>43 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Tarshop S.A</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1,369 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(10) </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(536)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Condor</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>34,958 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>IDBD</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Warrants</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>322,704</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>35,781</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total Associates</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>40,360 </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>100,000 </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>5,671</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>322,704</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>35,781</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(10)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(1,472)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(5,480)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(17,657)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter73"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>70</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<a name="_bclHeader74"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>34.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Description of transaction</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>and other receivables non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade and other receivables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Investments </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>in financial assets</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Investments </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>in financial assets current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Derivative financial instruments non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Derivative financial instruments current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>and other payables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>and other payables current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings non-current </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Joint Ventures</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=4 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Baicom Networks S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Contributions to be paid</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>214 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Management fees</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1,309 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>28</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

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<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Entertainment Holding S.A.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>138</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>75</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Entretenimiento Universal S.A.</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>67</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>84</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Cyrsa S.A.</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(17,208)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Credit due to capital reduction</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>8,847</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(6)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" rowSpan=6 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=ES-AR style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Nuevo Puerto Santa Fe S.A.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1,096</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(5) </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Proceeds from leasing</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(4)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Share-based payments</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>514</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(735)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(8,227)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Management fees</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>3,043</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Puerto Retiro S.A.</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>2,328</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>44</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" rowSpan=2 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Quality Invest S.A. </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Management fees</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>226</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total Joint Ventures</FONT></I></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1,309</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>16,756</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(750)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(17,208)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(8,227)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Subsidiaries of the Parent Company</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Helmir</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(25,439)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(569)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Exportaciones Agroindustriales</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Other Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(2,575) </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=ES-AR style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Futuros y Opciones.com S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>104</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(29) </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>FyO Trading S.A.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(3) </FONT></P></TD>

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<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total Subsidiaries of the Parent Company</FONT></I></B></P></TD>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>71</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>34.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

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<TR style="HEIGHT: 5.65pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Description of transaction</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>and other receivables non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade and other receivables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Investments </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>in financial assets</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Investments </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>in financial assets current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Derivative financial instruments non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Derivative financial instruments current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>and other payables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>and other payables current</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings non-current </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Other related parties</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Consultores Asset Management S.A. </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>4,546 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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<TR style="HEIGHT: 5.65pt">

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<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Legal services</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>385 </FONT></P></TD>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Austral Gold</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>472 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Consultores Venture Capital Uruguay</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1,223 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" rowSpan=2 width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Ogden Argentina S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>121 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>761 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Elsztain Managing Partners</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Management fees</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(35)</FONT></P></TD>

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

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<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Fundaci&#243;n IRSA</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>104 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Donations</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(581)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>IFIS Limited</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

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   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" rowSpan=2 width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Inversiones Financieras del Sur</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1,250</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>275,310</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Museo de los Ni&#241;os</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>99 </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(10)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>776</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" rowSpan=2 width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Boulevard Norte S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>780</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>DIC</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Warrants</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>933</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>174</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total Other related parties</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>285,852</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>933</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>174</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(1,447)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Directors and Senior Management</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=4 width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Directors</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(13)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Advances</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>8,417</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Fees</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(4,292) </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(76,197)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Guarantee deposits </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(20)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total Directors and Senior Management</FONT></I></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>8,417 </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(4,312)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(76,210)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>1,309</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>353,396 </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>194,907 </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>5,776 </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>323,637</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>35,955</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(4,322)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(176,933)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(63,202)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.95pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>(26,790)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=center><FONT style="DISPLAY: none; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>72</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 2.55pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>34.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Related party transactions </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The following is a summary of the balances with related parties as of June 30, 2015:</FONT></P>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Description</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>of</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>transaction</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>Investments </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>in financial assets</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>Investments </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>in financial assets current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>Derivative Financial Instruments </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>Derivative financial instruments current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>and other payables</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>and other payables current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>Borrowings non-current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6.5pt" lang=EN-US color=black face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Parent Company</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=8 width="9%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=ES-AR color=black face=arial,sans-serif>Cresud S.A.C.I.F. y A.</FONT></P></TD>

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   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(9,789)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Corporate services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(52,534)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Sale of good and/or services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>216</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Management Fee</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(12)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,424</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>79,760</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>30,071</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(16,504)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(743)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive plan</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(8,087)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Share-based compensation plan</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(16,575)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="9%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Parent Company</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,652</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>79,760</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>30,071</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(86,997)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(16,504)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(743)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Associates</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=5 width="9%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Banco Hipotecario S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(97)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Advances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(1,428)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(7,499)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(21,804)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Commissions per stands</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>68</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Lipstick Management LLC</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>854</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Metropolitan</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(10)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>New Lipstick LLC</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,567</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=3 width="9%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=ES-AR color=black face=arial,sans-serif>Banco de Cr&#233;dito y Securitizaci&#243;n S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>100,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>452</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,766</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>42</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,790</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Tarshop S.A.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(25)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(722)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Condor </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>29,492</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>IDBD</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Warrants</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>199,256</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>29,158</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Associates</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>37,341</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>100,000</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>452</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>199,256</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>29,158</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(25)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(2,257)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(7,499)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(21,804)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; DISPLAY: none" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>73</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>34.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt; TEXT-INDENT: 3.6pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Description</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>of</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>transaction</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade and other receivables </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade and other receivables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Investments </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>in financial assets</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Investments </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>in financial assets </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Derivative financial instruments non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Derivative financial instruments current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>and other payables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>and other payables current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings non-current </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Joint Ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Contributions to be paid</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" rowSpan=3 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Baicom Networks S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Management fees</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>16</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,275</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>222</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>924</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Entertainment Holding S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>211</FONT></P></TD>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>72</FONT></P></TD>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Entretenimiento Universal S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>115</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>80</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=4 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Cyrsa S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(14,438)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Proceeds from leasing</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Credit due to capital reduction</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>8,847</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>11</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(19)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" rowSpan=6 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Nuevo Puerto Santa Fe S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>543</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(5)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Proceeds from leasing</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(4)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Share-based payments</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>467</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(594)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(7,826)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Management fees</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,644</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Puerto Retiro S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,148</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>257</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Quality Invest S.A. </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Management fees</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>233</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total Joint Ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,275</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>16,822</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(622)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(14,438)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(7,826)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=center><FONT style="DISPLAY: none; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>74</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.55pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>34.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 25.1pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Description</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>of</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>transaction</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade and other receivables </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade and other receivables </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Investments </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>in financial assets</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Investments </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>in financial assets current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Derivative financial instruments non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Derivative financial instruments current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>and other payables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>and other payables current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings non-current </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Subsidiaries of the Parent Company</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Helmir</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(27,544)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1,254)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Exportaciones Agroindustriales </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(3,064)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Futuros y Opciones.com S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>123</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(29)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>FyO Trading S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total Subsidiaries of the Parent Company</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>124</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(3,093)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(27,544)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(1,254)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Other related parties</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Consultores Asset Management S.A. </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>5,215</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" rowSpan=2 width="9%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>33</FONT></P></TD>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Legal services</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>377</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(900)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Austral Gold</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

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<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Consultores Venture Capital Uruguay</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,125</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Ogden Argentina S.A.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>250</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>724</FONT></P></TD>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Elsztain Managing Partners</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Management fees</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(34)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Fundaci&#243;n IRSA</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>100</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Inversiones Financieras del Sur </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>264,673</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Museo de los Ni&#241;os</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>94</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>750</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

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<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0cm 0cm 10pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Boulevard Norte S.A.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>881</FONT></P></TD>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

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<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>5</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total Other related parties</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>274,230</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(934)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 25.1pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter78"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=center><FONT style="DISPLAY: none; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>75</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<a name="_bclHeader79"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.55pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>34.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 25.1pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Description</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>of</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>transaction</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade and other receivables </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade and other receivables </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Investments </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>in financial assets</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Investments </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>in financial assets </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Derivative Financial Instruments</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Derivative financial instruments current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>and other payables</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Trade</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>and other payables current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6.5pt" color=black face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Directors and Senior Management</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=4 width="10%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Directors </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Advances</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>317</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Fees</FONT></P></TD>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(40,554)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Guarantee deposits </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(20)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ffffff" vAlign=top width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>Total Directors and Senior Management</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>317</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(20)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(40,569)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>1,275</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>330,486</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>179,760</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>29,158</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>30,523</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>199,256</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(45)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(134,472)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(65,985)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>(31,627)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 25.1pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 25.1pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 25.1pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.55pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter79"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 8pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=center><FONT style="DISPLAY: none; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>76</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<a name="_bclHeader80"></a><DIV>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: 36pt; MARGIN: 0cm 2.55pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>34.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Related party transactions </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="LINE-HEIGHT: 12pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 0cm">&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-RIGHT: 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the transactions with related parties for the three-month period ended September 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.55pt 0pt 0cm"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Leases and/or rights </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>of use</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Management fees</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Corporate services</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Legal services</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Financial operations</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Donations</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fees and salaries</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Commissions</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Parent Company</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=ES-AR face=arial,sans-serif>Cresud S.A.C.I.F. y A.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>638</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(25,639)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,615</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Parent company</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>638</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(25,639)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,615</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Associates</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Banco Hipotecario S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>583</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(408)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=ES-AR face=arial,sans-serif>Banco de Cr&#233;dito y Securitizaci&#243;n S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,259</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,219</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Tarshop S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,502</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Condor </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(126,019)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Associates</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,344</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(121,208)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Joint Ventures</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Baicom Networks S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(693)</FONT></P></TD>

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<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(142)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>523</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(404)</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3</FONT></P></TD>

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<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Joint Ventures</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(142)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>580</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(895)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Other related parties</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Estudio Zang, Bergel &amp; Vi&#241;es </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1,466)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=ES-AR face=arial,sans-serif>Isaac Elsztain e Hijos S.C.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(176)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Consultores Asset Management S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>127</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ogden Argentina S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>37</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fundaci&#243;n IRSA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>96</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Hamonet S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(92)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Other related parties</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(141)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1,466)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>37</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>96</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Directors and Senior Management</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Directors</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(36,628)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Senior Management </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1,847)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Directors and Senior Management</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(38,475)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,699</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>580</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(25,639)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1,466)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(117,451)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>96</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(38,475)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; DISPLAY: none" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>77</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.55pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>34.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Related party transactions </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT face=Arial><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black>The following is a summary of the transactions with related parties for the three-month period ended September 30, 2014:</FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.55pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Leases and/or rights </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>of use</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Management fees</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Corporate services</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Legal services</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Financial operations</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Donations</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Fees and salaries</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Parent Company</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=ES-AR style="FONT-SIZE: 7pt" face=arial,sans-serif>Cresud S.A.C.I.F. y A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>616</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(21,451)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(2,678)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Parent Company</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>616</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(21,451) </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(2,678)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Associates</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Banco Hipotecario S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>148</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(549)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=ES-AR style="FONT-SIZE: 7pt" face=arial,sans-serif>Banco de Cr&#233;dito y Securitizaci&#243;n</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>915</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Tarshop S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>2,219</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Associates</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,282</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(549)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Joint Ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Baicom Networks S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>34</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Cyrsa S.A.</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(5,606)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=ES-AR style="FONT-SIZE: 7pt" face=arial,sans-serif>Nuevo Puerto Santa Fe S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(239)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>310</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(300)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Puerto Retiro S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>277</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Quality Invest S.A.</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>54</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Joint Ventures</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(239)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>367</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(5,595)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

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<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(808)</FONT></P></TD>

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   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>79</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

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   <TD style="HEIGHT: 5.65pt; BACKGROUND-IMAGE: none; BACKGROUND-REPEAT: repeat; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-POSITION: 0% 0%; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(82)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>52</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Other related parties</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(240)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>79</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(808)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>52</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,159)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Directors and Senior Management</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Senior Management</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(2,333)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Directors</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(16,731)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Directors and Senior Management</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(19,064)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>3,419</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>446</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(21,451)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(808)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(8,770)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,159)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(19,064)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>35.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>CNV General Ruling N&#176;&nbsp; 629/14 &#8211; Storage of documentation </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>On August 14, 2014, the Argentine Securities Exchange Commission (CNV) issued General Ruling N&#176; 629 whereby it introduced amendments to rules related to storage and conservation of corporate books, accounting books and commercial documentation. In this sense, it should be noted that the Group has entrusted the storage of certain non-sensitive and old information to the following providers:</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Storage of documentation</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>responsible </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Location</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Iron Mountain Argentina S.A.</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=ES-AR style="FONT-SIZE: 10pt" face=arial,sans-serif>Av. Amancio Alcorta 2482, C.A.B.A.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Iron Mountain Argentina S.A.</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=ES-AR style="FONT-SIZE: 10pt" face=arial,sans-serif>Pedro de Mendoza 2143, C.A.B.A.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Iron Mountain Argentina S.A.</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=ES-AR style="FONT-SIZE: 10pt" face=arial,sans-serif>Saraza 6135, C.A.B.A.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Iron Mountain Argentina S.A.</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Azara 1245, C.A.B.A. </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Iron Mountain Argentina S.A.</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=ES-AR style="FONT-SIZE: 10pt" face=arial,sans-serif>Pol&#237;gono Industrial Spegazzini, Au. Ezeiza-Ca&#241;uelas KM 45</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Iron Mountain Argentina S.A.</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=ES-AR style="FONT-SIZE: 10pt" face=arial,sans-serif>Ca&#241;ada de Gomez 3825 &#8211; C.A.B.A.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=ES-AR style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>On February 5, 2014 there was a widely known fire in Iron Mountain&#8217;s warehouse. To the date of these financial statements, the Group has not been notified whether the documentation submitted has been actually affected by the fire and its condition after the accident. Nevertheless, based on the internal review carried out by the Group, duly reported to the Argentine Securities Exchange Commission on February 12, 2014, the information kept at the Iron Mountain premises that were on fire do not appear to be sensitive or capable of affecting normal business operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>It is further noted that a detailed list of all documentation held in custody by providers, as well as documentation required in section 5 a.3) of section I, Chapter V, Title II of the RULES (2013 as amended) are available at the registered office.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>36.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>CNV General Resolution N&#176; 622</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=arial,sans-serif>As required by Section 1&#176;, Chapter III, Title IV of CNV General Resolution N&#176; 622, below there is a detail of the notes to the Unaudited Condensed Interim Consolidated Financial Statements that disclosure the information required by the Resolution in Exhibits. </FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=arial,sans-serif>Exhibit A - Property, plant and equipment </FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=arial,sans-serif>Exhibit C - Equity investments </FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=arial,sans-serif>Note 37 Equity investments </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=arial,sans-serif>Exhibit D - Other investments</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=arial,sans-serif>Note 15 Financial instruments by category</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=arial,sans-serif>Exhibit E &#8211; Provisions</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=arial,sans-serif>Note 17 Trading and other receivables and Note 23 Provisions </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=arial,sans-serif>Exhibit F - Cost of sales and services provided</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=arial,sans-serif>Note 12 Trading properties</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=arial,sans-serif>Exhibit G - Foreign currency assets and liabilities</FONT></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=arial,sans-serif>Note 38 Foreign currency assets and liabilities </FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=center><FONT style="DISPLAY: none; LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>79</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>37.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Equity investments</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 25.1pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Issuer and type of securities</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Class / Items</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Amount</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Value recorded as of 09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Value recorded as of 06.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Market value as of 09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="40%" colSpan=6>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Issuer's information</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interest in common stock</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Main activity</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Registered office</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Last financial statements issued</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Date</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common stock (nominal value)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Profit (loss) for the period</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Shareholders' Equity</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Joint Ventures</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="13%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Baicom Networks S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,701,455</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,487</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,235</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>9,403</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>468</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,652</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>50.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Irrevocable contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>340</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>340</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>276</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>276</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Cyrsa S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>17,496,538</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>18,611</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>17,532</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>17,497</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,159</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>37,223</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>50.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="13%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Entertainment Holdings S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>22,395,574</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>15,775</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>17,181</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>44,791</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>11,227</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>51,952</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=4 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>50.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Irrevocable contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>100</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>100</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Lower value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(23,192)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(23,192)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Goodwill</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>26,647</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>26,647</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Entretenimiento Universal S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>21</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Event organization and others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>590</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>851</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2.5%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="13%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=ES-AR face=arial,sans-serif>Nuevo Puerto Santa Fe S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>138,750</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>26,088</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>23,675</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Commercial real estate</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>27,750</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,823</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>52,175</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>50.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,323</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,323</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Goodwill</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,761</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,805</FONT></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; DISPLAY: none" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>80</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>37.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Equity investments </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 25.1pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Issuer and type of securities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Class / Items</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Amount</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Value recorded as of 09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Value recorded as of 06.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Market value as of 09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="41%" colSpan=6>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Issuer's information</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=top rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interest in common stock</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Main activity</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Registered office</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="28%" colSpan=4>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Last financial statements issued</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Date</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common stock (nominal value)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Profit (loss) for the period</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Shareholders' Equity</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="12%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Puerto Retiro S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>46,134,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>16,207</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>16,536</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>46,135</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(659)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>32,414</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>50.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>29,209</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>29,209</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="12%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Quality Invest S.A.</FONT><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif> </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>76,814,342</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>71,895</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>66,967</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>153,629</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(3,143)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>143,790</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>50.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Irrevocable contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,500</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,016</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,017</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Joint Ventures</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>190,564</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>190,161</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Associates</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=ES-AR face=arial,sans-serif>Banco de Cr&#233;dito &amp; Securitizaci&#243;n S.A. </FONT><FONT style="FONT-SIZE: 6pt" lang=ES-AR face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,984,375</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>16,744</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>15,814</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Financial</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>62,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>28,922</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>268,815</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6.38%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="12%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Banco Hipotecario S.A. </FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>449,804,237</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,420,318</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,351,718</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4.20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Financial</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,500,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>563,098</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,918,188</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>29.99%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(385)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Goodwill</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,904</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,904</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; DISPLAY: none" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>81</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>37.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Equity investments</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Issuer and type of securities </FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Class / Items</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Amount</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Value recorded as of 09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Value recorded as of 06.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Market value as of 09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="41%" colSpan=6>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Issuer's information</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=top rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interest in common stock</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Main activity</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Registered office</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="28%" colSpan=4>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Last financial statements issued</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Date</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common stock (nominal value)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Profit (loss) for the period</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Shareholders' Equity</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IDB Development Corporation Ltd</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>324,445,664</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,016,664</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,528,687</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(3) 2.161</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Israel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>N/A </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>N/A </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>49.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Lipstick Management LLC</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,759</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Management company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>United States</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(2) 45</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="8%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(2) 675</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>49.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Irrevocable contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>68</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="12%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Manibil S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>97,444,653</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>49,670</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>39,195</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>97,445</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,377</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>121,776</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>49.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Irrevocable contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7,350</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Goodwill</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="12%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>New Lipstick LLC</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(397,910)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(346,149)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Real State</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>United States.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>N/A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(2) (8,177)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(2) (110,788)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>49.9%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Irrevocable contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>13,829</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,522</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Condor</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,261,723</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>18,575</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(18,304)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1.53</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Hotel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>United States</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(2) 47</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(2) (3,817)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(2) (20,991)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>25.58%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="12%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Tarshop S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>48,759,288</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12,098</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>14,253</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Consumer financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>243,796</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(10,740)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>223,030</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=3 width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>20.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Irrevocable contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>32,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>22,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Intergroup transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(3,762)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(3,985)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Associates</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,196,761</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,619,457</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total investments in associates and joint ventures</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,387,325</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,809,618</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 35.45pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 8pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>The balances correspond to the financial statements of Banco Hipotecario S.A. and Banco de Cr&#233;dito &amp; Securitizaci&#243;n S.A. prepared in accordance with the Central Bank of the Argentine Republic (&#8220;BCRA&#8221;) standards. </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>For the purpose of the valuation of the investment in the Company, adjustments necessary to adequate the financial statements to IFRS have been considered.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 8pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Amounts stated in US dollars (US$).</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 8pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Market value in NIS.</FONT></P>

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<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; DISPLAY: none" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>82</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>38.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Foreign currency assets and liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Book amounts of foreign currency assets and liabilities are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Items (3)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Amount of foreign currency (1)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Prevailing exchange rate (2)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.2pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total as of </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.2pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Amount of foreign currency (1)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Prevailing exchange rate (2)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total as of</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>06.30.15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Assets</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Trade and other receivables</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>13,312</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.322</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>124,090</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>10,979</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>8.988</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>98,681</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Euros </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>10.404</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>10.005</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Uruguayan Pesos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,074</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>0.322</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>346</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,122</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>0.334</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>375</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>New Israel Shekel </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>15,005</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2.381</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>35,726</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Receivables with related parties:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>4,134</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.422</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>38,953</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>4,053</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>36,830</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total trade and other receivables</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>163,395</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>171,615</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Investments in financial assets</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>46,324</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.322</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>431,831</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>26,618</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>8.988</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>239,246</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Pounds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>626</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>14.134</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>8,854</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>721</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>14.134</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>10,196</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>New Israel Shekel </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2,834</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2.401</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>6,807</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2,672</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2.381</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>6,361</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Investments with related parties:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>34,030</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.422</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>320,628</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>50,472</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>458,685</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total investments in financial assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>768,120</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>714,488</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Derivative financial instruments</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>New Israel Shekel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>149,737</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2.401</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>359,591</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>95,936</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2.381</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>228,415</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total derivative financial instruments</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>359,591</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>228,415</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Cash and cash equivalents</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>71,249</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.322</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>664,181</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>33,541</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>8.988</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>301,463</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Euros</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>110</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>10.404</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,143</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>109</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>10.005</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,094</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Brazilian Reais</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2.700</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>37</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>3.000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>35</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Swiss francs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>8.720</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>8.720</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Uruguayan Pesos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>34</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>0.322</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>24</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>0.334</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>8</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>New Israel Shekel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2.401</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>47</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>968</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2.381</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2,304</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Pounds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>14.134</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>14.134</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>32</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total cash and cash equivalents</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>665,431</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>304,937</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total assets as of 09.30.15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,956,537</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total assets as of 06.30.15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,419,455</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Trade and other payables</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9,176</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.422</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>86,457</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>8,347</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>75,862</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Uruguayan Pesos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>208</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>0.323</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>67</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>63</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>0.335</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>21</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Payables with related parties:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>24</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.422</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>222</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>289</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total trade and other payables</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>86,746</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>76,172</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Borrowings</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>399,861</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.422</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>3,767,494</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>402,796</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>3,660,607</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Borrowings with related parties:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>4,394</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.422</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>41,401</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>4,518</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>41,057</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total borrowings</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>3,808,895</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>3,701,664</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Derivative Financial Instruments</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>New Israel Shekel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>208,112</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2.401</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>499,779</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>207,968</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2.407</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>500,580</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total derivative financial instruments</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>499,779</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>500,580</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Provisions</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.422</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>94</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>91</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total Provisions</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>94</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>91</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Salaries and social security liabilities</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Uruguayan Pesos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>329</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>0.323</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>106</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>587</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>0.335</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>197</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total Salaries and social security liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>106</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>197</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total liabilities as of 09.30.15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>4,395,620</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total liabilities as of 06.30.15</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>4,278,704</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 7pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(1)</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 6pt" lang=EN-US color=windowtext face=arial,sans-serif>Considering foreign currencies those that differ from Company&#8217;s functional currency at each period/year-end.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 7pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Exchange rate as of September 30 and June 30, 2015 according to Banco Naci&#243;n Argentina records.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 7pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>The Company uses derivative instruments as complement in order to reduce its exposure to exchange rate movements (See Note 15).</FONT></P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; DISPLAY: none" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>83</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>39.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Subsequent events </FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#333333 face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In October 2015, the deposit made as collateral for potential expenses related to the sale of the Madison building was released and distributed among the participating parties as follows: the Group, through Rigby, received US$ 0.91 million; the buyer of the building received US$ 0.06 million, and the remaining balance was applied to expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#333333 face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>On October 30, 2015, the Company&#8217;s Annual Shareholders&#8217; Meeting related to the fiscal year ended June 30, 2015, appointed the new members of the Supervising Commission and the Board of Directors; approved the Board of Directors&#8217; compensation; decided not to compensate the members of the Statutory Auditor Committee; it approved the amount to be paid on account of the tax on personal assets of shareholders; entrusted the Board of Directors with the implementation of a new Service Sharing Agreement; approved the Board of Director&#8217;s power regarding the Global Corporate Note Issuance Program consisting of common corporate notes not convertible into shares, with or without collateral or collateralized by third parties, and for a maximum outstanding amount of up to US$ 300 million. It was decided to adjourn the meeting to November 26, 2015, for the consideration of the following matters: (i) allocation of the income for the year, (ii) special financial statements of merger / merger &#8211; split off.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#333333 face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On October 30, 2015, the Annual Shareholder's Meeting of our subsidiary IRSA CP corresponding to the fiscal year ended June 30, 2015, approved, among others, the following issues: (i) appropriate the sum of Ps. 283,580 to payment cash dividends; (ii) ratify the interim dividend approved by the Shareholder's Meeting dated June 13, 2015 in the amount of Ps. 298,5 million; (iii) approve the Director's fees in the amount of Ps. 76,440 and (iv) approve the increase in the amount of the Global Issuance Program of Non-Convertible Notes for a maximum outstanding amount up to US$ 500 million, for an additional amount of US$ 100 million.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#333333 face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On November 5, 2015, the Group through IRSA signed the transfer deed for the sale of the 7th and 8th floors of the Maip&#250; 1300 building. The total price of the transaction was US$ 3.0 million. Such transaction generated a gain before tax of approximately Ps. 25.9 million.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 53.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#333333 face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On October 9, 2015, the Company granted a loan in the amount of US$ 40 million to Inversiones Financieras del Sur S.A. (&#8220;IFISA&#8221;). The term of the loan is one year calculated from the disbursement and will bear interest at a rate of 3% + LIBOR 1M, to be determined monthly. As collateral for the loan, 73,169,991 shares of IDBD which belong to IFISA were pledged.</FONT></P>

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<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; DISPLAY: none" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>39.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Subsequent events</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif> (Continued)</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>IDBD</FONT></U></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On October 1, 2015, Dolphin and IFISA submitted to the court their reply to the Petition made by the Arrangement Trustees. Dolphin requested that the court reject the petition of the Arrangement Trustees based on the following grounds: (a) IFISA is not obliged to carry out Dolphin&#8217;s obligations under the Arrangement; (b) IFISA and any other company controlled by Eduardo Sergio Elsztain are eligible to engage as bidders of the Tender Offers, pursuant to the Agreement; and (c) the petition made by the Arrangement Trustees regarding the eligibility of the shares that would participate in the Tender Offers should be denied. Additionally. Dolphin stated that once the BMBY closing transaction has been completed, 106.6 million shares of IDBD in its hands would not participate as bidders in the Tender Offers, provided that such stocks are held by companies controlled by Eduardo S. Elsztain.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On October 7, 2015, the Arrangement Trustees filed with the Court their reply to Dolphin and IFISA regarding the Petition of the Arrangement Trustees. </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The BMBY proceeding concluded on October 11, 2015 and IFISA acquired all ETH&#8217;s shares of stock held by IDBD (92,665,925 shares), at a share price of NIS 1.64. On closing the transaction, all the directors of ETH in IDBD submitted their irrevocable resignation to the Board, and the Shareholders&#8217; Agreement ceased automatically in accordance with its own terms. Additionally, on the same date, Dolphin pledged additional shares as a performance bond for the Tender Offers, thereby increasing the number of pledged shares to 64,067,710.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On October 19, 2015, Dolphin and IFISA filed with the court their reply to the Petition of the Arrangement Trustees, whereby, among other things, Dolphin stated that as buyer of the Tender Offers, it is not its intention to participate, and will not participate, as seller in the Tender Offers. However, according to Dolphin&#8217;s position, any other IDBD shareholder, including the companies controlled by Eduardo S. Elsztain, is entitled to act as bidder in the Tender Offers and, in addition, Dolphin is entitled to sell shares to third parties (including companies controlled by Eduardo S. Elsztain), and such shares sold are entitled to engage as bidders in the Tender Offers, all of this without abolishing Dolphin&#8217;s commitment in respect of 106.6 million shares held by Dolphin which would not participate in the Tender Offers provided that they are held by companies controlled by Eduardo S. Elsztain.</FONT></P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 16pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>39.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Subsequent events</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On October 20, 2015, the court issued a declaratory ruling (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>declaratory remedies</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>) regarding the Petition of the Arrangement Trustees, stating that:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.05pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.05pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>The shares in the hands of Dolphin and any other company controlled by Eduardo S. Elsztain are not entitled to participate as bidders in the Tender Offers</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif> </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.05pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>The shares held by Dolphin and/or companies controlled by Eduardo Sergio Elsztain, and which were or are transferred to third parties, will not be entitled to participate as bidders in the Tender Offers</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -0.05pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>This remedy will not apply to the shares that were purchased from the minority shareholders in transactions carried out in the capital markets, which became held by IFISA</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The court dismissed the petition of the Arrangement Trustees regarding the determination that IFISA was obliged to fulfill all the commitments made under the Arrangement&#8217;s terms and conditions, but ruled that Dolphin had violated its commitment to get IFISA to undertake to fulfill the same terms and conditions of the Agreement. Dolphin and IFISA reported to IDBD their intention to appeal the court&#8217;s ruling.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On October 26, and after the court&#8217;s ruling of October 20, 2015 and its declaratory remedy, Dolphin and IFISA sent a letter stating that pursuant to their position and the details included therein: (a) the exception prescribed by the court whereby the shares that were purchased from minority shareholders and became held by IFISA is applicable to the 127,441,396 shares of IDBD held by IFISA, and to the 131,600 shares of IDBD held by Dolphin, which should be entitled to participate as bidders in the Tender Offers; and (b) regarding the 51,760,322 additional shares of IDBD held then by Dolphin, originating from purchases made to minority shareholders of IDBD, Dolphin and IFISA consider that pursuant to the court&#8217;s opinion, these shares cannot participate as bidders in the Tender Offers, only for as long as they remain in Dolphin&#8217;s possession, but Dolphin is not precluded from selling such shares to any third party, and in such case, that such third party should have the right to participate with such shares as bidder in the Tender Offers.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>On October 29, 2015, the Arrangement Trustees filed an urgent petition for presumed disobedience of the court order regarding Dolphin&#8217;s and IFISA&#8217;s obligation to follow the court orders of October 20, 2015, alleging that Dolphin&#8217;s and IFISA&#8217;s letter published by IDBD on October 27, 2015, reporting the number of shares purchased from IDBD&#8217;s minority shareholders in transactions carried out in the capital markets, was contrary to the court&#8217;s decision; and, therefore, that Dolphin and IFISA were acting in contempt of court. The Arrangement Trustees also stated that given that Dolphin and IFISA were deliberately disregarding the court&#8217;s decision, and in light of the damages caused daily to the public, including the creditors subject to the Arrangement, the court should impose a substantial fine to be defined by it, for each day that Dolphin and IFISA disregarded the court&#8217;s ruling. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Consolidated Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT><B><FONT></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>39.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Subsequent events </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On October 29, 2015, Dolphin and IFISA filed an appeal with the Supreme Court challenging the court ruling dated October 20, 2015, requesting also to hold a hearing for the appeal urgently. The appeal hearing was set for September 16, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On November 2, Dolphin and IFISA submitted their reply to this petition, requesting that the court should reject the petition, on the ground that the Contempt of Court Ordinance is not applicable to declaratory remedies and that Dolphin and IFISA did not violate any court order. On November 4, the Arrangement Trustees submitted a replication to Dolphin and IFISA, and on November 5 the court decided to reject the petition to declare Dolphin and IFISA in contempt of court. However, the court stated that the interpretation of Dolphin and IFISA regarding the exception of the ruling dated October 20, 2015 contained in the letter sent by Dolphin and IFISA was contrary to the exception scope. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On that same November 5, the Arrangement Trustees sent a letter to Dolphin and IFISA requiring that, after the court ruling issued on that same date, they should amend the letter and report to the Israel Securities Authority and IDBD that the Tender Offers would be offered by IDBD&#8217;s minority shareholders; and that Dolphin, IFISA and/or any other company under the control of Eduardo S. Elsztain should not act as bidders in the Tender Offers. And additionally, that any share transferred by them to any third parties should not be entitled to engage in the Tender Offers as bidders either. That same day, the Arrangement Trustees sent a letter to IDBD requesting them to amend the letter of Dolphin and IFISA on the same terms described above.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The company is discussing the impact of the court&#8217;s decision dated October 20, 2015 on its financial statements, and its defense strategy; as well as the impact of the conclusion of the BMBY proceeding with IFISA as the buyer of ETH&#8217; stocks.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As of November 9, 2015, 33,825,397 IDBD&#8217;s shares of Dolphin are locked up under TASE regulations </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(lock-up provisions)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> until November 11, 2015 (inclusive), when such lock-up provisions expire.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face=georgia>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>REVIEW REPORT ON THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>To the Shareholders, President and Directors of</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>Legal address: Bolivar 108 &#8211; 1&#176; floor</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>Autonomous City Buenos Aires</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>Tax Code No. 30-52532274-9</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>Introduction</FONT></B></P>

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<P style="LINE-HEIGHT: 97%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 97%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>We have reviewed the unaudited condensed interim </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>consolidated financial statements attached </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>of IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia> and its subsidiaries (hereinafter &#8220;the Company&#8221;) which included the unaudited condensed interim </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>consolidated</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia> statements of financial position as of September&nbsp;30,&nbsp;2015, and the unaudited condensed interim </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>consolidated</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia> statement of income and comprehensive income for the three-month period ended September&nbsp;30,&nbsp;2015 and the unaudited condensed interim </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>consolidated</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia> statement of changes in shareholders&#8217; equity and unaudited condensed interim consolidated statement of cash flows for the three-month period ended September 30, 2015 and selected explanatory notes.</FONT></FONT></P>

<P style="LINE-HEIGHT: 97%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 97%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>The balances and other information corresponding to the fiscal year ended June 30, 2015 and the interim periods within that fiscal period are an integral part of these financial statements and, therefore, they should be considered in relation to these financial statements.</FONT></FONT></P>

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<P style="LINE-HEIGHT: 97%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>Management responsibility</FONT></B></FONT></P>

<P style="LINE-HEIGHT: 97%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 97%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>The Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim consolidated financial statements in accordance with the International Financial Reporting Standards , adopted by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) as professional accounting standards and added by the National Securities Commission (CNV) to its regulations as approved by the International Accounting Standard Board (IASB) and, for this reason, is responsible for the preparation and presentation of the unaudited condensed interim consolidated financial statements mentioned in first paragraph according to the International Accounting Standard No 34 "Interim Financial Reporting" (IAS 34). Our responsibility is to express a conclusion based on the review that we have performed with the scope detailed in paragraph &#8220;Scope of our review&#8221;.</FONT></P><FONT style="LINE-HEIGHT: 115%" face=georgia></FONT>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face=georgia>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>REVIEW REPORT ON THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></P></DIV>

<P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=georgia></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>Scope of our review</FONT></B></P>

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<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%" color=black face=georgia><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face=georgia>Our review was limited to the application of the procedures established in the International Standard on Review Engagements ISRE 2410 "Review of interim financial information performed by the independent auditor of the entity", which was adopted as a review standard in Argentina through Technical Resolution No.&nbsp;33 of the FACPCE as approved by the International Auditing and Assurance Standards Board (IAASB). A review of interim financial information consists of making inquiries of persons responsible for the preparation of the information included in the </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=georgia><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>unaudited condensed interim consolidated financial statements</FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black face=georgia><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face=georgia>, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the consolidated statement of financial position, the consolidated statement of income</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=georgia><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>, </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face=georgia>the consolidated statement of</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia> comprehensive income</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face=georgia> and consolidated statement of cash flow of the Company.</FONT></FONT></P>

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<P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>Conclusion</FONT></B></P>

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<P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>Nothing came to our attention as a result of our review that caused us to believe that these unaudited condensed interim consolidated financial statements mentioned in the first paragraph of this report have not been prepared in all material respects in accordance with the regulations of the International Accounting Standard No. 34.</FONT></P>

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<P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>Report on compliance with current regulations</FONT></B></P>

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<P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>In accordance with current regulations, we report about IRSA Inversiones y Representaciones Sociedad An&#243;nima that:</FONT></P>

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<P style="LINE-HEIGHT: normal; TEXT-INDENT: -24.7pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>a)</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>the </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>unaudited condensed interim consolidated financial statements</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia> of </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima are recorded in the "Inventory and Balance Sheet Book", and comply, as </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>regards</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia> those matters that are within our competence, with the provisions set forth in the Commercial Companies Law and in the corresponding resolutions of the National Securities Commission;</FONT></P>

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<P style="LINE-HEIGHT: normal; TEXT-INDENT: -24.7pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>b)</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>the unaudited condensed interim </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>separate </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>financial statements of IRSA Inversiones y Representaciones Sociedad An&#243;nima arise from accounting records carried in all formal respects in accordance with applicable legal provisions;</FONT></P>

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<P style="LINE-HEIGHT: normal; TEXT-INDENT: -24.7pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>we </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>have</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia> read the Business Summary (&#8220;Rese&#241;a Informativa&#8221;) on which, as regards these matters that are within our competence, we have no observations to make;</FONT></P><FONT style="LINE-HEIGHT: 115%" face=georgia></FONT>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face=georgia>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>REVIEW REPORT ON THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></P></DIV>

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<P style="LINE-HEIGHT: normal; TEXT-INDENT: -24.7pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>at September 30, 2015, the debt of </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia> owed in favor of the Argentina Integrated Pension System which arises from accounting records and submissions amounted to Ps.&nbsp;65,951.86</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>which was no callable at that date.</FONT></P>

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<P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>Autonomous City of Buenos Aires, November 11, 2015</FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 16.3pt 0pt 11.35pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=georgia>PRICE WATERHOUSE &amp; Co. S.R.L.</FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Socio</FONT></U><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=georgia>)</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 8pt" lang=EN-US face=georgia>C.P.C.E.C.A.B.A. T&#186; 1 F&#186; 17</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 8pt" lang=EN-US face=georgia>Eduardo A. Loi&#225;cono</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 8pt" lang=EN-US face=georgia>Public Accountant (UBA)</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=georgia>C.P.C.E.C.A.B.A. T&#176; 326 F&#176; 94</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" color=black face=georgia>ABELOVICH, POLANO &amp; ASOCIADOS S.R.L.</FONT></P>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Socio)</FONT></U></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 8pt" face=georgia>C.P.C.E. C.A.B.A. T&#176; 1 F&#176; 30</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 8pt" lang=EN-US face=georgia>Noem&#237; I. Cohn</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 8pt" lang=EN-US face=georgia>Public Accountant (U.B.A.)</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 8pt" lang=EN-US face=georgia>C.P.C.E.C.A.B.A. T&#176; 116 F&#176; 135</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 18pt" lang=EN-US color=gray face=Arial,sans-serif>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 18pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=gray face=Arial,sans-serif>Unaudited Condensed Interim Separate Financial Statements as of September 30, 2015 and for the three-month periods ended September 30, 2015 and 2014</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P></DIV>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Separate Statements of Financial Position </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>as of September 30, 2015 and June 30, 2015</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Note</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09.30.2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>06.30.2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>ASSETS</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment properties </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>574,603</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>411,741</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Property, plant and equipment </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,034</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,681</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trading properties&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,893</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,681</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Intangible assets&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,319</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,334</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments in subsidiaries, associates and joint ventures&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,758,213</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,315,254</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred income tax assets&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>230,603</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>282,727</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Income tax and minimum presumed income tax credit&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100,210</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100,210</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Trade and other receivables&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,354,603</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,248,027</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments in financial assets&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100,106</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>100,103</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total Non-current Assets&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,183,584</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,523,758</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trading properties&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>788</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Inventories </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>493</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>497</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade and other receivables&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>177,876</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>215,434</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and minimum presumed income tax ("MPIT") credit </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>12,833</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13,231</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments in financial assets&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>218,499</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>95,931</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>49,007</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,469</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current Assets&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>459,496</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>328,562</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>TOTAL ASSETS&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,643,080</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,852,320</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>SHAREHOLDERS&#8217; EQUITY</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share capital&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>574,874</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>574,451</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Treasury stock&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,802</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,225</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Inflation adjustment of share capital and treasury stock </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>123,329</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>123,329</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share premium&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>793,123</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>793,123</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additional paid-in capital from treasury stock&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,733</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,233</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of treasury stock&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(30,130)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(33,729)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Changes in non-controlling interest&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,258)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,659)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Reserve for share-based payments&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>61,055</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>63,824</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Legal reserve&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>116,840</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>116,840</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Special reserve&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,824</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,824</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cumulative translation adjustment </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>341,062</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>305,852</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Retained earnings </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>245,248</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>520,940</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>TOTAL SHAREHOLDERS&#8217; EQUITY&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,229,502</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,474,253</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>LIABILITIES</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade and other payables&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7,010</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,298</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,953,726</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,818,627</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Provisions </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,740</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,253</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other Liabilities </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>327,956</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>583,074</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Non-Current Liabilities </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,291,432</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,406,252</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade and other payables&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>138,098</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>95,555</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,044</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Salaries and social security liabilities&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,137</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,549</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>19</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>957,057</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>849,646</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Provisions&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>18</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24,810</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>25,065</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Current Liabilities </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,122,146</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>971,815</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>TOTAL LIABILITIES </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,413,578</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4,378,067</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="57%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>TOTAL SHAREHOLDERS&#8217; EQUITY AND LIABILITIES </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,643,080</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6,852,320</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 11.35pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements. </FONT>


</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT lang=ES-AR style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<TR style="HEIGHT: 59.45pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 59.45pt" vAlign=top width="99%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT><U><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></U></FONT></FONT><FONT color=white face=arial,sans-serif><U><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=white face=arial,sans-serif>.</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Fernando A. Elsztain</FONT></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Director Acting as President</FONT></FONT><FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>1</FONT></FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P></DIV>




<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Separate Statements of Income</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>for the three-month periods beginning on July 1<SUP>st</SUP>, 2015 and 2014 and ended September 30</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>, 2015 and 2014</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="33%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Note</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09.30.2015</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09.30.2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 22.95pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income from sales, rents and services </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,315</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>72,418</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income from expenses </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,295</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,746</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>23</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,234)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(24,893) </FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross Profit </FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,376</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>64,271</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of investment properties </FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>89,431</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20,977</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>General and administrative expenses </FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(23,907)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,338)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses </FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,708)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,031)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating results, net </FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>26</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,801)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,288)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit from operations </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>66,391</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>55,591</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of profit of subsidiaries, associates, and joint ventures </FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(202,827)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>83,154</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit from operations before financial results and income tax </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(136,436)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>138,745</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>139,741</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20,942</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance cost </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(225,802)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(200,729)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other financial results </FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(669)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(443)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial results, net </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>27</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(86,730)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 9pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(180,230)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Loss before income tax </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(223,166)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(41,485)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(52,526)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>44,743</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit for the period </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(275,692)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,258</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.9pt">

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.85pt">

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit per share for the period:</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Basic </FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.48)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.01</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Diluted&nbsp; </FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.48)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0.01</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>&nbsp; The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 7.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT><U><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></U></FONT></FONT><FONT color=white face=arial,sans-serif><U><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=white face=arial,sans-serif>.</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Fernando A. Elsztain</FONT></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Director Acting as President</FONT></FONT><FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>2</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.35pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 16pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Separate Statements of Comprehensive Income </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>for the three-month periods beginning on July 1<SUP>st</SUP>, 2015 and 2014 and ended September 30</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>, 2015 and 2014</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="32%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Three months</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09.30.2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09.30.2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Loss) / Profit for the period </FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(275,692)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,258</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other Comprehensive Income:</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Items that may be reclassified subsequently to profit or loss:</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Currency translation adjustment of subsidiaries, associates, and joint ventures </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>35,210</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>36,656</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other comprehensive income for the period (i)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>35,210</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>36,656</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="63%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total comprehensive (loss) / income for the period </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(240,482)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>39,914</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 2.85pt 0pt 21.3pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 2.85pt 0pt 7.1pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i) Components of other comprehensive income have no impact on income tax.</FONT></P>

<P style="MARGIN: 0cm 2.85pt 0pt 21.3pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 28.4pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

<P style="MARGIN: 0cm 2.85pt 0pt 21.25pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT><U><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></U></FONT></FONT><FONT color=white face=arial,sans-serif><U><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=white face=arial,sans-serif>.</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Fernando A. Elsztain</FONT></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Director Acting as President</FONT></FONT><FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>3</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Separate Statements of Changes in Shareholders&#8217; Equity </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>for the three-month periods ended September 30, 2015 and 2014</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="74%" colSpan=12>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=#000000 face=arial,sans-serif>Attributable to equity holders of the parent</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Share Capital</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Treasury Stock</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Inflation adjustment</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>of Share Capital and Treasury</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Stock (2)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Share premium</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Additional Paid-in Capital from Treasury Stock</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Cost of Treasury </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Stock</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Changes in </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>non-controlling </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>interest</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Reserve for share-based compensation</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Legal reserve</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Special reserve </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Cumulative translation adjustment</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Retained earnings</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Total Shareholders' equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Balance at June 30, 2015 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>574,451 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4,225 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>123,329 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>793,123 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>7,233 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(33,729)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(5,659)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>63,824</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>116,840 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3,824 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>305,852</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>520,940</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,474,253</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Loss for the period </FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(275,692)</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(275,692)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Other comprehensive income for the period </FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>35,210</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>35,210</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Total comprehensive income / (loss) for the period </FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>35,210</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(275,692)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(240,482)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Changes in non-controlling interest </FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(8,599)</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(8,599)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Share&#8211;based compensation plan cancellations </FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>423</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(423)</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3,500 </FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3,599 </FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(7,099)</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Reserve for share-based compensation&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>4,330 </FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>4,330</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>Balance at September 30, 2015 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>574,874</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3,802</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>123,329</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>793,123</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>10,733</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(30,130)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>(14,258)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>61,055</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>116,840</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>3,824</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>341,062</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>245,248</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 6pt" color=black face=arial,sans-serif>2,229,502</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 7pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Related to CNV General Resolution N&#176; 609/12. See Note 21.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Includes Ps. 811 of inflation adjustment of Treasury Stock. See Note 21.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT><U><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></U></FONT></FONT><FONT color=white face=arial,sans-serif><U><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=white face=arial,sans-serif>.</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Fernando A. Elsztain</FONT></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Director Acting as President</FONT></FONT><FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>4</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Separate Statements of Changes in Shareholders&#8217; Equity </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>for the three-month periods ended September 30, 2015 and 2014</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="70%" colSpan=12>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Attributable to equity holders of the parent</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Share Capital</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Treasury stock</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Inflation adjustment</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>of Share Capital and Treasury</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Stock (2)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Share premium</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Additional Paid-in Capital from Treasury Stock</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Cost of Treasury </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Stock</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Changes in </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Reserve for share-based compensation</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Legal reserve</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Special reserve </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(1)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Reserve <BR>for new development</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Cumulative translation adjustment</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 9pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Retained earnings</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Shareholders' equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Balance at June 30, 2014 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>573,771</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>4,905</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>123,329</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>793,123</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(37,906)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(21,808)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>53,235</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>116,840</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>375,487</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>413,206</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>398,931</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(784,869)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>2,008,244</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit for the period </FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>3,258</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>3,258</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Other comprehensive income for the period </FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>36,656</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>36,656</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total comprehensive income for the period </FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>36,656</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>3,258</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>39,914</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Reserve for share-based compensation&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>10,064</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>10,064</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Changes in non-controlling interest </FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>4,904</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 9.5pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>4,904</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Balance at September 30, 2014 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>573,771</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>4,905</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>123,329</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>793,123</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(37,906)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(16,904)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>63,299</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>116,840</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>375,487</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>413,206</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>435,587</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(781,611)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.45pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>2,063,126</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Related to CNV General Resolution N&#176; 609/12. See Note 21.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Includes Ps. 1,045 of inflation adjustment of Treasury Stock. See Note 21.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT><U><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></U></FONT></FONT><FONT color=white face=arial,sans-serif><U><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=white face=arial,sans-serif>.</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Fernando A. Elsztain</FONT></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Director Acting as President</FONT></FONT><FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>5</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 11.25pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P></DIV>

<P style="MARGIN: 0cm 11.25pt 0pt 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Unaudited Condensed Interim Separate Statements of Cash Flows </FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>for the three-month periods ended September 30</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>, 2015 and 2014</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Note</FONT></P></TD>

   <TD style="HEIGHT: 13.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09.30.2015</FONT></B></P></TD>

   <TD style="HEIGHT: 13.55pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>09.30.2014</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating activities:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash generated from the operations </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>107,899</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>6,585</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net cash generated by operating activities </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>107,899</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>6,585</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Investing activities:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital contributions to subsidiaries, associates and joint ventures </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(38,099)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(2,916)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions of investment properties </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(199)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(168,499)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from sale of investment properties </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>70,978</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>23,864</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions of property, plant and equipment </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(465)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(380)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions of intangible assets </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(28)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions of investments in financial assets </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(193,861)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(141,202)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from sale of investments in financial assets </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>222,549</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>138,711</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchases of subsidiaries, associates and joint ventures </FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1,573)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1,094)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans granted to subsidiaries, associates and joint ventures </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(9)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net cash generated by (used in) investing activities </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>59,330</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(151,553)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Financing activities:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Bank overdrafts, net&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>265,255</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>211,144</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from borrowings </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>110,000</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment of non-convertible notes </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(95,636)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Reissuance non-convertible notes </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>6,562</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Repurchase of non-convertible notes </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(120,514)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends paid </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(48,179)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest paid </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(175,002)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(149,721)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment of borrowings from subsidiaries, associates and joint ventures </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(1,375)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Proceeds from borrowings from subsidiaries, associates and joint ventures </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>2,077</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>10,689</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Payment related to derivative financial instruments </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(4,593)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(369)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net cash (used in) generated by financing activities </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(121,851)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>132,189</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net Increase / (Decrease) in cash and cash equivalents </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>45,378</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(12,779)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="64%">

   <P style="MARGIN: 0cm 4pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents at the beginning of the year </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>3,469</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>43,440</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign exchange gain on cash and cash equivalents </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>160</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 9pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>822</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents at end of period </FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>49,007</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0.55pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>31,483</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT face=arial,sans-serif><FONT><U><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></U></FONT></FONT><FONT color=white face=arial,sans-serif><U><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=white face=arial,sans-serif>.</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Fernando A. Elsztain</FONT></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 9pt" align=center><FONT color=#333333 face=arial,sans-serif><FONT lang=ES style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" color=#333333 face=arial,sans-serif>Director Acting as President</FONT></FONT><FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT lang=ES-AR style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>6</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data </FONT></FONT><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>General information and company&#8217;s business</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IRSA Inversiones y Representaciones Sociedad An&#243;nima (&#8220;IRSA&#8221; or the &#8220;Company&#8221;) was founded in 1943, primarily engaged in managing real estate holdings in Argentina since 1991.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>IRSA is a corporation incorporated and domiciled in Argentina. The registered office is Bol&#237;var 108, 1st Floor, Autonomous City of Buenos Aires, Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Company owns, manages and develops, directly and indirectly through its subsidiaries, a portfolio of office and other rental properties in Buenos Aires. In addition, IRSA through its subsidiaries, associates and joint ventures manages and develops shopping centers and branded hotels across Argentina, and also office properties in the United States of America and Israel.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>These Unaudited Condensed Interim Separate Financial Statements have been approved for issue by the Board of Directors on November 11, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Basis of preparation of the Unaudited Condensed Interim Separate Financial Statements</FONT></B></P>

<P style="MARGIN: 0cm 0pt 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.1.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Basis of preparation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Unaudited Condensed Interim Financial Statements have been prepared in accordance with the Technical Resolution N&#176; 26 of the Argentine Federation of Professional Councils of Economic Science (&#8220;FACPCE&#8221;, as per its Spanish acronym) and with IAS 34 &#8220;Interim Financial Reporting&#8221;. Furthermore, some additional issues were included as required by the Business Companies Act and/or regulations of the CNV, including supplementary information provided in the last paragraph of section 1, Chapter III, Title IV of General Ruling 622/13 of the CNV. Such information is included in the Notes to these Unaudited Condensed Interim Separate Financial Statements according to IFRS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>These Financial Statements should be read together with the annual separate financial statements of the Company as of June 30, 2015 prepared in accordance with the Technical Resolution N&#176; 26. These Unaudited Condensed Interim Separate Financial Statements are presented in Argentine Pesos.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>These Unaudited Condensed Interim Separate Financial Statements corresponding to the three-month periods ended September 30, 2015 and 2014 have not been audited. The Company&#8217;s Management believes they include all necessary adjustments to fairly present the results of each period. The Company&#8217;s three-month periods ended September 30, 2015 and 2014 results do not necessarily reflect the proportion of the Company&#8217;s full-year results.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>7</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -36pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Basis of preparation of the Unaudited Condensed Interim Separate Financial Statements </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.2.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Significant accounting policies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 42.55pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The principal accounting policies adopted for the preparation of these Unaudited Condensed Interim Financial Statements are consistent with those applied in the preparation of the information under RT 26 as of June 30, 2015, and are based on those IFRS in force as of June 30, 2015 (except for the accounting of investments in subsidiaries, associates and joint ventures, which are accounted for under the equity method as required in RT 26). In addition, the most significant accounting policies are described in the Annual Separate Financial Statements.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.3.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Use of estimates</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The preparation of financial statements at a certain date requires the Management to make estimates and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual results might differ from the estimates and evaluations made at the date of preparation of these financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In the preparation of these Unaudited Condensed Interim Separate Financial Statements, the main significant judgments made by Management in applying the Company&#8217;s accounting policies and the major sources of uncertainty were the same that the Company used in the preparation of financial statements as of and for the fiscal year ended June 30, 2015, save for changes in accrued income tax, provision for legal claims, allowance for bad debts and accrued supplementary rental.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 53.25pt; LINE-HEIGHT: 13pt; TEXT-INDENT: -53.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>2.4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Comparative Information</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 53.25pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Balance items as of September 30, 2014 and June 30, 2015 shown in these financial statements for comparative purposes arise from financial statements then ended. Certain reclassifications have been made in order to present figures comparatively with those of this period.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>8</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Acquisition and disposals</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Company&#8217;s Merger and Spin-off &#8211; Merger with Solares de Santa Mar&#237;a S.A. and Unicity S.A., and Spin-off &#8211; Merger with E-Commerce Latina S.A. </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-TRANSFORM: uppercase" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Pursuant to the previous merger and spin-off commitment undertaken on September 16, 2015, the following transactions were agreed upon:</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>the &#8220;Takeover Merger&#8221; with Solares de Santa Mar&#237;a S.A. (Solares) where Solares would be the acquired or target company and IRSA Inversiones y Representaciones Sociedad An&#243;nima would be the acquirer; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>the &#8220;Takeover Merger&#8221; with Unicity S.A. (Unicity), where Unicity would be the acquired or target company and IRSA Inversiones y Representaciones Sociedad An&#243;nima would be the acquirer; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>the spin-off of a 7.96% E-Commerce Latina S.A.&#8217;s (ECLSA) equity, which accounts for a 11.39% equity interest in Solares, in order for that interest to be subsequently merged into IRSA Inversiones y Representaciones Sociedad An&#243;nima. ECLSA shall retain the ownership of all of its other rights, obligations, assets and liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;The Company&#8217;s annual shareholders&#8217; meeting held on October 30, 2015 was adjourned until November 26, 2015, at which time the shareholders will consider the approval of all documents related to the merger and the spin-off-merger.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>The following table summarizes the effect the merger, and the spin-off</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>merger would have had on the Company&#8217;s separate balance sheet as of June 30, 2015.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt" rowSpan=3 width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Caption</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Issued Financial Statements</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Solares</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Unicity</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>ECLSA</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>spin-off assets</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Eliminations / Reclassifications</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt double; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Merged Financial statements </FONT></P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>as of June 30, 2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>as of June 30, 2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>as of June 30, 2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>as of June 30, 2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>as of June 30, 2015</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ps. </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ps.</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-current Assets</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,619,932</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>321,382</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,775</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,373</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(364,926)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,627,536</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Current Assets</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>336,065</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,143</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>77</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,714)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>330,571</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,955,997</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>322,525</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,852</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,373</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(371,640)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,958,107</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Shareholders' Equity</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,474,253</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>313,722</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,830</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,373</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(364,925)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,474,253</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Non-Current Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,502,426</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>89</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,502,508</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Current Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>979,318</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,714</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,707)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>981,346</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 2.25pt double; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,481,744</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,803</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,715)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,483,854</FONT></B></P></TD></TR></TABLE></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>See other acquisitions and disposals made by the Company for the three-month period ended September 30, 2015 in Note 4 to the Unaudited Condensed Interim Consolidated Financial Statements</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Financial risk management and fair value estimates</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial risks</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Company&#8217;s activities are exposed to a variety of financial risks: market risk (including foreign currency risk, interest rate risk and price risk), credit risk, liquidity risk and capital risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Unaudited Condensed Interim Financial Statements do not include all the information and disclosures of the risk management, so they should be read together with the annual separate financial statements as of June 30, 2015. There have been no changes in the risk management or risk management policies applied by the Company since the end of the annual fiscal year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value estimates</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Since June 30, 2015 there have been no significant changes in business or economic circumstances affecting the fair value of the Company's financial assets or liabilities (either measured at fair value or amortized cost) (see Note 5 to the Unaudited Condensed Interim Consolidated Financial Statements as of September 30, 2015) nor any transfers between the different hierarchies used to assess the fair value of the Company's financial instruments. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>10</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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&nbsp; <A name="page_105"></A>

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<a name="_bclHeader105"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 11pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Information about principal subsidiaries, associates and joint ventures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Company conducts its business through several operating and holding subsidiaries, associates and joint ventures.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Set out below is the summarized financial information for investments in subsidiaries, associates and joint ventures for the three-month period ended September 30, 2015 and for the year ended June 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Subsidiaries, Associates and Joint ventures</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="58%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Beginning of the period / year</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2,732,180</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,441,214</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital contribution </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>38,099</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,378,412</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Acquisition of non-controlling interest </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>026</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,806</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Merger&#8211;spin-off (iv)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(165,379)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Share of (loss) / profit, net </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>202</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>,827)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>718,923</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Translation adjustment </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>35,210</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(93,079)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends distribution (i)</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(454,670)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital reduction (ii)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(123,075)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Reimbursement of expired dividends </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>779</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

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   <P style="MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Intergroup transactions from transfer of assets </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,158,130)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="58%">

   <P style="MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>End of the period / year (iii)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,430,257</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 8.5pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,732,180</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 49.65pt; LINE-HEIGHT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 6pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>During the year ended June 30, 2015, IRSA Propiedades Comerciales, Cyrsa S.A., BHSA, Inversora Bolivar S.A. and E-Commerce Latina S.A., distributed dividends for an amount of Ps. 418.4 million, Ps. 31.0 million, Ps. 2.2 million, Ps. 1.7 million, and Ps. 1.4 million, respectively.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(ii)&nbsp;&nbsp; During the year ended June 30, 2015, Cyrsa S.A. and Nuevas Fronteras S.A. made a capital reduction to the Company in the amount of Ps. 110.9 and Ps. 12.2, respectively.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 6pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif>As of September 30, 2015 and June 30, 2015 includes Ps. 327,956 and Ps. 583,074, respectively, corresponding to equity interest in IRSA Propiedades Comerciales S.A., included in Other liabilities non-current. Even though the Company has positive financial position and income, under applicable accounting standards, the Company has recorded an adjustment to consolidated income items included in the asset balance of the subsidiary (transferred to this as part of the transaction indicated in Note 3 to the Annual Financial Statements), resulting in a negative accounting exposure. This effect will be reverting in future fiscal years by way of an amortization over the residual useful life of the real property transferred and/or by total or partial disposition of those assets.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 6pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 6pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>See Note 3. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 9pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>11</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investment properties</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in Company&#8217;s investment properties for the three-month period ended September 30, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Office buildings and other rental properties portfolio</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 1.45pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Undeveloped parcel of lands</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 1.45pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At July 1st, 2014:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>802,835</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>119,449</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>922,284</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(185,419)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(185,419)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>617,416</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>119,449</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>736,865</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Year ended June 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>217,308</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>217,308</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfers of property, plant and equipment</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,534</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,534</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(532,814)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,564)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(534,378)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,588)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,588)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value at the year end</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>293,856</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,885</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>411,741</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At June 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>328,990</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,885</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>446,875</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(35,134)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(35,134)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>293,856</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,885</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>411,741</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Period ended September 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>199</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>199</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions as a result of the merger (ii)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,510</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>158,951</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>171,461</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,678)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,895)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,573)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,225)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,225)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value at period </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>end</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>300,662</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>273,941</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>574,603</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At September 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>333,269</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>273,941</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>607,210</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(32,607)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(32,607) </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>300,662</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>273,941</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 24pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>574,603</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation charges of investment properties were included in &#8220;Costs&#8221; in the Statements of Income (Note 24).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 14.7pt; LINE-HEIGHT: 12pt; TEXT-INDENT: 20.75pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>See Note 3.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following amounts have been recognized in the statement of income:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Rental and service income </FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>15,315</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>71,312</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income from collected expenses </FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3,295</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>16,746</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Rental properties maintenance and operation </FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,026)</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(24,022)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Maintenance of undeveloped land </FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,818)</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(228)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="55%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Gain from disposal of investment properties </FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>89,431</FONT></P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>20,977</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>12</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_107"></A>

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<a name="_bclHeader107"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Investment properties </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>(Continued)</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following is a detailed summary of the investment properties of the Company by type as of September 30, 2015 and June 30, 2015.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="52%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Name</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net book amount</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Office building and Other rental properties portfolio:</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="23%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Bouchard 551</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,585</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,698</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Dique IV</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>51,043</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>51,836</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Libertador 498</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,972</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,938</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Madero 1020</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>108</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>113</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Maip&#250; 1300</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,914</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,713</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Rivadavia 2768</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>263</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>281</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>La Adela</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>214,594</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>214,594</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Constituci&#243;n 1111</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>673</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>683</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Santa Mar&#237;a del Plata</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,510</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total Office and Other rental properties portfolio </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>300,662</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>293,856</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Undeveloped Parcels of land:</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Catalinas Norte</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>109,496</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>109,496</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Pilar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,550</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,550</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Santa Mar&#237;a del Plata</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>158,951</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Others</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,944</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,839</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total of undeveloped parcels of land</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>273,941</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,885</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="52%">

   <P style="MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>574,603</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 10pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>411,741</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter107"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>13</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_108"></A>

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<a name="_bclHeader108"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Property, plant and equipment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.45pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in Company&#8217;s property, plant and equipment for the three-month period ended September 30, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 26.05pt">

   <TD style="HEIGHT: 26.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="33%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 26.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 26.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 7.05pt 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hotels and facilities</FONT></B></P></TD>

   <TD style="HEIGHT: 26.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 7.05pt 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 26.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Furniture</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>and fixtures</FONT></B></P></TD>

   <TD style="HEIGHT: 26.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 26.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Machinery and equipment</FONT></B></P></TD>

   <TD style="HEIGHT: 26.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 26.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.65pt 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Vehicles</FONT></B></P></TD>

   <TD style="HEIGHT: 26.05pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 7.05pt 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 26.05pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.85pt 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>At July 1st, 2014:</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,364</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,124</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,254</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>221</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,963</FONT></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(12,611)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,731)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,236)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(221)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(26,799)</FONT></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,753</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>393</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,018</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,164</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Year ended June 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>73</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>59</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>969</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,101</FONT></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" width="33%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfers of property, plant and equipment</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,534)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,534)</FONT></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(416)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(418)</FONT></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(14)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(69)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(549)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(632)</FONT></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value at the year end</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,278</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>381</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,022</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,681</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>At June 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,903</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,172</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,445</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>221</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,741</FONT></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(12,625)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,791)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,423)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(221)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,060)</FONT></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,278</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>381</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,022</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,681</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Period ended September 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>465</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>465</FONT></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions as a result of the merger (ii)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>42</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>42</FONT></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(134)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(154)</FONT></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value at period end</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,275</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>364</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,395</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,034</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>At September 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,903</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,172</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,952</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>221</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,248</FONT></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(12,628)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,808)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,557)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(221)</FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,214)</FONT></P></TD></TR>

<TR style="HEIGHT: 8pt">

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="33%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,275</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>364</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,395</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.65pt 0pt 0cm; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,034</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 21.3pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation charges of property, plant and equipment were included in &#8220;Cost&#8221; and &#8220;General and administrative expenses&#8221; in the statement of income (Note 24).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>See Note 3.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 21.3pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 21.3pt; LINE-HEIGHT: 12pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>14</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trading properties</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in the Company&#8217;s trading properties for the three-month period ended September 30, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.8pt">

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="39%">

   <P style="MARGIN: 0cm 7.05pt 0pt 1cm; LINE-HEIGHT: 13pt; TEXT-INDENT: -1cm"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Completed properties</FONT></B></P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Properties </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>under development</FONT></B></P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.8pt">

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>At July 1st, 2014</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,839</FONT></B></P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,200</FONT></B></P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,039</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.8pt">

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals (i)</FONT></P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(358)</FONT></P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(358)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.8pt">

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>At June 30, 2015</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,481</FONT></B></P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,200</FONT></B></P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,681</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.8pt">

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals </FONT></P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.8pt">

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="39%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>At September 30, 2015</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,481</FONT></B></P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,200</FONT></B></P></TD>

   <TD style="HEIGHT: 2.8pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.8pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 13pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,681</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 54pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18.55pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Corresponds to the carrying amount of properties transferred included in "Cost" in the statement of income (Note 24).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following is a detailed summary of the properties for sale of the Company by type as of September 30, 2015 and June 30, 2015:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 23.95pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 23.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=2 width="53%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Description</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 23.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 23.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Book Values</FONT></B></P></TD></TR>

<TR style="HEIGHT: 23.95pt">

   <TD style="HEIGHT: 23.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 23.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 23.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 23.95pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Properties under development:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="23%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Pereiraola</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,200</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,200</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total properties under development</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,200</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,200</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Completed properties:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">&nbsp;</TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Abril</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,357</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,357</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>San Mart&#237;n de Tours</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>124</FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>124</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total completed properties </FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,481</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,481</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,681</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,681</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 1.65pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Net book amount</FONT></U></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>9,893</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,681</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>788</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,681</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10,681</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt"><FONT><FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>15</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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&nbsp; <A name="page_110"></A>

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<a name="_bclHeader110"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT><B><FONT lang=ES-AR style="FONT-SIZE: 16pt; LAYOUT-GRID-MODE: line" face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=ES-AR style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 14pt" align=center><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" color=black face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>9.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Intangible assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Changes in Company&#8217;s intangible assets for the three-month period ended September 30, 2015 and for the year ended June 30, 2015 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.7pt 0pt 0cm; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Goodwill</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Computer software</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Units to be received from barters (ii)</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="27%">

   <P style="MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>At July 1st, 2014:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Costs</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,481</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 5.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,775</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,205</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>59,461</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,568)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,568)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>5,481</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0pt; LINE-HEIGHT: 11pt; TEXT-INDENT: 3pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>207</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,205</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>57,893</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Year ended June 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>125</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>125</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,481)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,481)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (i)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(203)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(203)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value at the year end</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>129</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,205</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,334</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At June 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Costs</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,900</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,205</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>54,105</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Accumulated depreciation</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,771)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,771)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>129</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,205</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,334</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Period ended September 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif> (i)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(15)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Residual value at period end</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>114</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,205</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,319</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>At September 30, 2015:</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Costs</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,900</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,205</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>54,105</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Accumulated depreciation</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,786)</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND-COLOR: #cceeff" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,786)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Residual value</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif> </FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 7.1pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>114</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,205</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 11pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>52,319</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 36pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Amortization charges of intangible assets are included in &#8220;General and administrative expenses&#8221; in the statement of income (Note 24).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 12pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>As of September 30, 2015 and June 30, 2015 receivables in kind representing the right to receive residential apartments in the future by way of barter agreements, are included in properties under development for an amount of Ps. 52.2 million (see Note 38 to the annual consolidated financial statements as of June 30, 2015).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; LINE-HEIGHT: 11pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>10.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Inventories</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; LINE-HEIGHT: 11pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Company&#8217;s inventories as of September 30, 2015 and June 30, 2015 are as follows:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 1.65pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 1.7pt; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 2.85pt 0pt 0cm; LINE-HEIGHT: 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Materials and other inventories (i)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>493</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>497</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total inventories</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>493</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 12pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>497</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 2cm; LINE-HEIGHT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 2cm; LINE-HEIGHT: 9pt; TEXT-INDENT: -21.25pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>The cost of inventories is recorded in &#8220;Costs&#8221; in the statement of income (Note 24).</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif>16</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 16pt" lang=ES-AR face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=ES-AR color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>11.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Financial instruments by category</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Determination of fair values</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>See determination of fair value in Note 15 to the Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The following tables presents the financial assets and financial liabilities of the Company that are measured at fair value as of September 30, 2015 and June 30, 2015 and their allocation to the fair value hierarchy:</FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30, 2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 1</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 2</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Assets</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial assets at fair value through profit or loss:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="LINE-HEIGHT: 12pt; TEXT-INDENT: -8.8pt; MARGIN: 0cm 0cm 0pt 8.8pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Investment in equity securities of TGLT</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>106</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>106</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Mutual funds</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>34,002</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>34,002</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Non-Convertible Notes (Note 29)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,341</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,341</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Government bonds</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>140,485</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>140,485</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and cash equivalents:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Mutual funds</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>267</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>267</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total assets</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>213,201</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>213,201</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="36%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="60%" colSpan=7>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="36%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial assets at fair value through profit or loss:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="LINE-HEIGHT: 12pt; TEXT-INDENT: -8.8pt; MARGIN: 0cm 0cm 0pt 8.8pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Investment in equity securities in TGLT</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>103</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>103</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Mutual funds</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,133</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,133</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Non-Convertible Notes (Note 34)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36,252</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36,252</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Governments Bonds</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>22,094</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>22,094</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and cash equivalents:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Mutual funds</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>112</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>112</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 1.65pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total assets</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>95,694</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>95,694</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></FONT><FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>17</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 16pt" lang=ES-AR face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=ES-AR color=black face=arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements </FONT></B></FONT></FONT></B><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>11.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Financial instruments by category </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30, 2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 1</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 2</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 3</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="LINE-HEIGHT: 12pt; TEXT-INDENT: -8.8pt; MARGIN: 0cm 0cm 0pt 8.8pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Derivative financial instruments</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(114)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(930)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,044)</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total liabilities</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 1.2pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(114)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(930)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,044)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 0pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="62%" colSpan=7>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>June 30, 2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 0pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 0pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 0pt; TEXT-INDENT: 0pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 0pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 0pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 0pt; TEXT-INDENT: 0pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%">

   <P style="LINE-HEIGHT: 12pt; TEXT-INDENT: -8.8pt; MARGIN: 0cm 0cm 0pt 8.8pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Derivative financial instruments</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 0pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 0pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 0pt; TEXT-INDENT: 0pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total liabilities</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 0pt; MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 0pt; MARGIN: 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 0pt; TEXT-INDENT: 0pt; MARGIN: 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The derivative financial instruments are classified as Level 2 since their fair value is calculated under the discounted cash flow method. The main parameter used in that model is interest rate futures (see Note 14).</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Company uses a range of valuation models for the measurement of Level 2 instruments, details of which may be obtained from the following table:</FONT></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif>Pricing model</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif>Pricing method</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif>Parameters</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 1.65pt 0pt 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif>Foreign currency-contracts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif>Present value method</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif>Theoretical price</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif>Money market interest-rate curve, Foreign exchange curve.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>12.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Trade and other receivables </FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Company&#8217;s trade and other receivables, as of September 30, 2015 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 22.6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.6pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.6pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.6pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.6pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt 1.7pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sale, leases and services receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>719</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>508</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Receivables from the sale of properties</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,896</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current trade receivables</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>22,615</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>508</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Trade accounts receivables of joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,729</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,595</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>VAT receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,459</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>368</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>955</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current other receivables</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,556</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,550</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Related parties (Note 29)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,325,432</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,242,969</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total non-current trade and other receivables</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,354,603</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,248,027</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Leases and services receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,168</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,002</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Receivables from the sale of properties </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,651</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>124</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Checks to be deposited</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>468</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Overdue debtors and debtors under legal proceedings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,767</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Less: Allowance for trade accounts receivables</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(10,904)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(9,885)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Trade accounts receivables</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,399</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,008</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Gross sales tax credit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,770</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,403</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other tax receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,402</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,579</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,736</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Expenses and services to recover</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,760</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,990</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Advance payments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,835</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,615</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Advance payments related to foreign currency future contracts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>75</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,084</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,073</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current other receivables</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>21,400</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>22,294</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Related parties (Note 29)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>142,077</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>183,132</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current trade and other receivables</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>177,876</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>215,434</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total trade and other receivables</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,532,479</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,463,461</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Movements on the Company&#8217;s allowance for trade and other receivables are as follows: </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt 1.7pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Beginning of the period / year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,885</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,114</FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 7.25pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Charges for the period / year (Note 24)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 7.25pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,100</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 7.25pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 7.25pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,086</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Unused amounts reversed (Note 24)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(81)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,315)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>End of the period / year</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,904</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,885</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>19</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>12.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Trade and other receivables </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The creation and release of provision for impaired receivables have been included in &#8220;Selling expenses&#8221; in the statement of income (Note 24). Amounts charged to the allowance account are generally written off, when there is no expectation of recovering additional cash. </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>13.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Investments in financial assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Company&#8217;s investments in financial assets as of September 30, 2015 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 1.7pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial assets at fair value</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Investment in equity securities in TGLT</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>106</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>103</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial assets at amortized cost</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Convertible Notes related parties (Note 29)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total Non-current investments in financial assets</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100,106</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100,103</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial assets at fair value</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Mutual funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>34,002</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,133</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-Convertible Notes related parties (Note 29)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38,341</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>36,252</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Government bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>140,485</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>22,094</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Financial assets at amortized cost</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Convertible Notes related parties (Note 29)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,671</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>452</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total current investments in financial assets</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>218,499</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>95,931</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total investments in financial assets</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>318,605</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>196,034</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>20</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>14.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Derivative financial instruments </FONT></B></P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Company&#8217;s derivative financial instruments as of September 30, 2015 and June 30, 2015 are as follows:</FONT></P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 30.6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 30.6pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 30.6pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 30.6pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 30.6pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Foreign-currency future contracts </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1,044)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Total derivative financial instruments</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1,044)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Total derivative financial instruments</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1,044)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Group&#8217;s future exchanges contracts pending as of September 30, 2015 and June 30, 2015 are as follows:</FONT></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Futures</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Amount (US$)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Due date</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Banco Galicia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>04/29/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(930)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Banco SBS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>04/29/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Banco SBS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,150</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>05/31/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Banco Cohen</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>01/29/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(12)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Banco Finansur</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>03/31/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(135)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>29,150</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,044)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.4pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>15.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cash flow information</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The following table shows the amounts of cash and cash equivalents as of September 30, 2015 and June 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt 1.7pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Cash at bank and on hand</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>48,740</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>3,357</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Mutual funds</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>267</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>112</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Total cash and cash equivalents</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>49,007</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>3,469</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter115"></a><DIV>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>21</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<a name="_bclHeader116"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>15.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cash flow information </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Following is a detailed description of cash flows generated by the Company&#8217;s operations for the three-month periods ended September 30, 2015 and 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Note</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>September 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>September 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(Loss) / Profit for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(275,692)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,258</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Adjustments for</FONT></I><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Income tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>52,526</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(44,743)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>24</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,394 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,618</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Loss from disposal of investment properties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(89,431)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(20,977)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Gain from repurchase of Non-Convertible Notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>297</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Share-based compensation plan</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>25, 28</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,402</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,586</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Changes in fair value of investments in financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>27</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(5,340)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(818)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Gain from derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>5,712</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,261</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interest expense, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>59,729</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>95,822</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Provisions and allowances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,251</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,833</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Share of gain / (loss) from of subsidiaries, associates and joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>202,827</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(83,154)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unrealized foreign exchange loss, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>20,122</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>78,153</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Decrease / (Increase) in inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(34)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Decrease in trading properties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>79</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Decrease / (Increase) in trade and other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>93,432</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(788)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Increase / (Decrease) in trade and other payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>39,111</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(31,212)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Decrease in salaries and social security liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(444)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(1,938)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Decrease in provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1,361)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="56%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Net cash generated by operating activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0pt" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>107,899</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>6,585</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="56%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Additional information</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm; MARGIN: 0cm 2.85pt 0pt 9pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; TEXT-INDENT: 0cm; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Reserve for share-based compensation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,330</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7,478</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Cumulative translation adjustment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>35,210</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>36,656</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Changes in non-controlling interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8,599</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10,583</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Increase in investment properties through a decrease in financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>48,196</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Increase in trade and other receivables through a decrease in investments in associates and joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>112,431</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Decrease in borrowings through a decrease in equity investments in subsidiaries, associates and joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12,493</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Decrease in trade and other receivables through a decrease in borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>205</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Increase in borrowings through an increase in investments in financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>140,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="56%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Use of tax loss carryforwards</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>9,244</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>22</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>15.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cash flow information </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 5.65pt">

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   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Balances added as a result of the merger</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Assets</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>09.30.2015</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Investments in financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>39</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Trade and other receivables</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,299</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Income tax and minimum presumed income ("MPIT") tax credit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1,039)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Deferred income tax assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>403</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Investments in subsidiaries, associates and joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(165,379)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Investment properties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>171,460</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>42</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7,825</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Borrowings</FONT></P></TD>

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   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(762)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Trade and other payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(7,062)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Payroll and social security liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(9)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(7,833)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="74%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Cash added as a result of the merger</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(7)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>16.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Trade and other liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Company&#8217;s trade and other payables as of September 30, 2015 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></I>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt 1.7pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sales, rent and services payments received in advance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>256</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>349</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tenant deposits</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>193</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total non-current trade payables</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>346</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>542</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax amnesty plan for payable taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,354</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,732</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other tax payables</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>866</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-current other payables</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,220</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,732</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Related parties (Note 29)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,444</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total non-current trade and other payables</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,298</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Trade payables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,833</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,405</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Invoices to be received</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,901</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>10,440</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Customers advances </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,598</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,893</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sales, rent and services payments received in advance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,319</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,504</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tenant deposits</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>945</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,019</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total current trade payables</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,596</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,261</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Dividends payable to non-controlling shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,230</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,230</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax on shareholders&#8217; personal assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,609</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,759</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,410</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,127</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total current other payables</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,249</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,116</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Related parties (Note 29)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>101,253</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>60,178</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total current trade and other payables</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>138,098</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>95,555</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total trade and other payables</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>145,108</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>98,853</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>23</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt 42.55pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt 42.55pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>17.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Payroll and social security liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Company&#8217;s Salaries and social security liabilities as of September 30, 2015 and June 30, 2015 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt 1.7pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 11.9pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 11.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Provision for vacation, bonuses and others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>948</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>1,182</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 11.9pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Social security payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>161</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>280</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 11.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Salaries payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>23</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>68</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 11.9pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>19</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 11.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Total current salaries and social security liabilities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>1,137</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>1,549</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 11.9pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Total salaries and social security liabilities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>1,137</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>1,549</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>18.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Provisions</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The table below shows the movements in Company's provisions:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0cm" vAlign=top width="75%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0cm" width="25%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Labor, legal and other claims</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>At June 30, 2015</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 1.7pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>26,318</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Additions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 1.7pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>1,544</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Decreases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>(312)</FONT></P></TD></TR>

<TR style="HEIGHT: 1.05pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>At September 30, 2015</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1.05pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 1.7pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>27,550</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0pt 0pt 36pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The breakdown of total current and non-current provisions is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt 1.7pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>June 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Non-current</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2,740</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>1,253</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>24,810</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>25,065</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>27,550</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>26,318</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>24</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>19.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Borrowings</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Company&#8217;s borrowings as of September 30, 2015 and June 30, 2015 were as follows:</FONT></FONT></P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="11%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="8%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="9%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Book value</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Secured / unsecured</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Currency</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed Rate / floating</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Effective </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>interest rate %</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Nominal value of</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>share capital</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>September 30, 2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0.25pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IRSA NCN due 2017 (Note 29)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8.50%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>150,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,412,064</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,355,434</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IRSA NCN due 2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>11.50%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>150,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,395,082</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,344,628</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IRSA NCN due 2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Badlar + 450 ps</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10,790</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10,739</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10,730</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Finance lease obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7% to 12.8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>26</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>127</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Finance lease obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>33.52%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>365</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>162</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Borrowings non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,818,174</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,710,799</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Related parties (Note 29) (1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>135,552</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>107,828</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total non-current borrowings</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,953,726</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,818,627</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IRSA NCN due 2017 (Note 29)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8.50%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>150,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>19,351</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>47,416</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IRSA NCN due 2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>11.50%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>150,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>31,603</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>69,675</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IRSA NCN due 2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Badlar + 450 ps</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10,790</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>265</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>258</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IRSA NCN due 2015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Badlar + 395 ps</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>209,398</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>214,084</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Bank overdrafts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>617,603</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>351,853</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Finance lease obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7% to 12,80%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>111</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>131</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Finance lease obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Secured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>33.52%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>365</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>94</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: left; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Bank loans </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>23%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>100,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>100,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>100,000</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Borrowings current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>769,027</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>783,417</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Related parties (Note 29) (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>188,030</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>66,229</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Current borrowings</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>957,057</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>849,646</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total borrowings</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,910,783</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,668,273</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>NCN: Non-convertible Notes</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

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<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>25</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<a name="_bclHeader120"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>19.</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Borrowings </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0pt 0pt 53.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Related parties breakdown:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Secured / unsecured</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Currency</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed Rate / floating</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Effective </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>interest rate %</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Nominal value</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>September 30, 2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0.25pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Nuevas Fronteras S.A<FONT style="FONT-SIZE: 11pt" face=Calibri>.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>20,576</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>25,885</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>20,576</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Inversora Bol&#237;var S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,930</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8,922</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>E-commerce Latina S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,945</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8,047</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Cyrsa S.A<FONT style="FONT-SIZE: 11pt" face=Calibri>.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Badlar </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>14,811</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>17,208</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>14,438</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Libor 3m + 200 points</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8,012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>75,490</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>72,814</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total Non-current related parties borrowings</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>135,552</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>107,828</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Inversora Bolivar S.A<FONT style="FONT-SIZE: 11pt" face=Calibri>.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,930</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8,560</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Nuevas Fronteras S.A<FONT style="FONT-SIZE: 11pt" face=Calibri>.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>20,576</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,221</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IRSA Propiedades Comerciales S.A. (IRSA CP)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Libor 12m + 200 points</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>179,614</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>180,117</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>38,291</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>E-commerce Latina S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,945</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7,930</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ritelco S.A<FONT style="FONT-SIZE: 11pt" face=Calibri>.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ps.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Badlar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,495</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,506</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5,322</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unsecured</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Libor 3m + 200 points</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8,012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,407</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,905</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total current related parties borrowings</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>188,030</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>66,229</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="26%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total related parties borrowings</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>323,582</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>174,057</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt 36pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>26</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>20.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Current and deferred income tax</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The details of the provision for the Company&#8217;s income tax are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current income tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(9,244)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred income tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(43,282)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>44,743</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(52,526)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>44,743</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The gross movement on the deferred income tax account is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>June 30, </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Beginning of the period / year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>282,727</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>327,789</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Additions as a result of the merger (i)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>402</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Use of tax loss carryforwards</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(9,244)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(157,367)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(43,282)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>112,305</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>End of period / year</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>230,603</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>282,727</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0pt 0pt 72pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0pt 0pt 49.65pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(i)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>See Note 3.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Below is a reconciliation between income tax expense and the amount that would arise using the income tax rate applicable to Profit Before Income Tax for the three-month periods ended September 30, 2015 and 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net income at tax rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(78,108)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(14,520)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Permanent differences:</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Share of profit / (loss) from subsidiaries, associates and joint ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>129,932</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(29,104)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-deductible items and others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>702</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,119)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>52,526</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 2.85pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 14.2pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(44,743)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefits through future taxable profits is probable. Tax loss carry forwards in Argentina expire within 5 years. </FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>

<a name="_bclFooter121"></a><DIV>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>27</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 4.55pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 4.55pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>21.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>See description of the different items of the Company's equity in Note 26 to the Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>22.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Revenues</FONT></B></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Rental and scheduled rent increases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,649</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>69,065</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Property management fee</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>666</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,277</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>970</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Rental and service income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,315</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>71,312</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sale of trading properties</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,106</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total income from sales, rents and services</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,315</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>72,418</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Expenses</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,295</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>16,746</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total revenues</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>18,610</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>89,164</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>23.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Costs</FONT></B></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Leases and services costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,026</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,022</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sales and development</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,208</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>871</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total cost of property operations</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,234</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,893</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total costs</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>8,234</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24,893</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>24.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Expenses by nature</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Company disclosed expenses in the statements of income by function as part of the line items &#8220;Costs&#8221;, &#8220;General and administrative expenses&#8221; and &#8220;Selling expenses&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The following tables provide the additional required disclosure of expenses by nature and their relationship to the function within the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter122"></a><DIV>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>28</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<a name="_bclHeader123"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>24.</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Expenses by nature </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>For the period ended September 30, 2015: </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="27%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Costs</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of rental and services </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sale </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>and development</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General and administrative expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Selling expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Salaries, social security costs and other personnel expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,601</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>11,697</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,552</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,850</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Director&#180;s fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,207</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,207</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Maintenance, security, cleaning, repairs and others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,579</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,253</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,028</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,869</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Taxes, rates and contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>823</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>625</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,248</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,712</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fees and payments for services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>54</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>84</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,301</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>178</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,617</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Leases and service charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>366</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>175</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>935</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>82</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,558</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,184</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>183</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>27</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,394</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Public services and others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>317</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>68</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>892</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>39</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,316</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Traveling, transportation and stationery</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>73</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,100</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>38</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,214</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Allowance for trade and other receivables (charge and recovery, net) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,019</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,019</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Bank charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>548</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>548</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Advertising and others selling expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>516</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>516</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>29</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>29</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 1.15pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total expenses by nature</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>6,026</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,208</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,907</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,708</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>37,849</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>

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<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>29</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -42.55pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -42.55pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>24.</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Expenses by nature </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>For the period ended September 30, 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="27%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Costs</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of rental and services </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sale </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>and development</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General and administrative expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Selling expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Salaries, social security costs and other personnel expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>4,140</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>165</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>11,655</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,413</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>17,373</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Director&#180;s fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>3,538</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>3,538</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Maintenance, security, cleaning, repairs and others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>5,254</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>56</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>149</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>5,473</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Taxes, rates and contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>3,599</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>428</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>39</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,071</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>6,137</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fees and payments for services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>21</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,533</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>465</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>2,024</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Leases and service charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>508</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>80</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>573</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>23</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,184</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>6,412</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>182</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>23</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>6,618</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Public services and others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>3,816</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>48</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>985</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>66</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>4,915</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Traveling and transportation and stationery</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>77</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,076</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>87</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>1,249</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Allowance for trade and other receivables (charge and recovery, net) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>419</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>419</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Bank charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>608</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>608</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Advertising and others selling expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>450</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>450</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>195</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>195</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sale of trading properties </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>79</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>79</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="37%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 1.15pt 0pt 0cm"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total expenses by nature</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>24,022</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>871</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>20,338</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>5,031</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>50,262</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: 36pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>

<a name="_bclFooter124"></a><DIV>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>30</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<a name="_bclHeader125"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 115%; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>25.</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Employee costs</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Salaries, bonuses and social security costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>12,137</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>13,786</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Costs of equity incentive plans and defined contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,684</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,553</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other expenses and benefits</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,029</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,034</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total employee costs</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>14,850</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>17,373</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -42.55pt; MARGIN: 0cm 0cm 0pt 42.55pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 115%; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>26.</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other operating results, net</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax on shareholders&#8217; personal assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(849)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(508)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Donations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,769)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(368)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Lawsuits and other contingencies (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,292)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,512)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,900)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total other operating results, net</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(3,801)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(4,288)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 7.1pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Includes legal costs and expenses</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>27.</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Financial results, net</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>September 30,</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2014</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Finance income:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.15pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 1.75pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Interest income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>55,879</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,983</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Foreign exchange gains</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>83,862</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>16,959</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total finance income</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>139,741</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>20,942</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Finance costs:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 1.75pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Interest expense</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(115,608)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(99,805)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Foreign exchange losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(105,425)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(95,990)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Other finance costs</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(4,769)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(4,934)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total finance costs</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(225,802)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(200,729)</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other financial results:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 1.4pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Fair value gain in financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>5,340</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>818</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Loss on derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(5,712) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,261)</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Loss on repurchase of Non-Convertible Notes</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(297) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total other financial results</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(669)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(443)</FONT></B></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total financial results, net</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(86,730)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.8pt; PADDING-RIGHT: 2.8pt; HEIGHT: 1pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(180,230)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>28.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Share-based payments</FONT></B></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>For more details on share-based payments, see Note 33 to the Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>

<a name="_bclFooter125"></a><DIV>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>31</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>29.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Related party transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The following is a summary of the balances with related parties as of September 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Description of Transaction</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Investments in financial assets </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Investments in financial assets </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Ultimate Parent Company</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=7 width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>CRESUD S.A.C.I.F. y A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Sale of property </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>216 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Corporate services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(23,063)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(2,980)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive program </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(5,266)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Management fees </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(20)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Leases </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>558</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Non-Convertible Notes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(16,919)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(337)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Ultimate Parent Company </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>774 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(31,329) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(16,919)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(337)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Associates </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Banco Hipotecario S.A. </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(602)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Associates </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(602)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Associates IRSA CP </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Tarshop S.A </FONT></P></TD>

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   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Leases </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(36)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Associates IRSA CP </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(36)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries of Tyrus </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Irsa International LLC </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>486 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reig I </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Real Estate Investment Group V </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>21 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Real Estate Strategies LP </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,470 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>New Lipstick LLC </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,270 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Imadison LLC </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,590 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Subsidiaries of TYRUS </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>6,844 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries of CRESUD </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Futuros y Opciones.com S.A. </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(29)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>HELMIR S.A. </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Non-Convertible Notes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(25,439)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(569)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Subsidiaries of CRESUD </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(29)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(25,439)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(569) </FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

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<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>29.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Related party transactions </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Description of Transaction</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Investments in financial assets non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Investments in financial assets current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries </FONT></I></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>IRSA CP</FONT></P></TD>

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   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(35,997)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Corporate services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(21,610)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Non-Convertible Notes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>38,341</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(58,019)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(1,176)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive program </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>51,851</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Sale of Property </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,321,581 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>42,208</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Leases </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(88) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(180,116)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Proceeds from Leasing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(825) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="15%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>E. Commerce Latina S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Management fees </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(8,047)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(1)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Palermo Invest S.A. </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,817 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Ritelco S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Non-Convertible Notes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(37,288)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(734) </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(75,490) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(7,913) </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Inversora Bolivar S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(8,922) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Hoteles Argentinos S.A. </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Hotel services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>104</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(1,891)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Tyrus S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>34 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>56 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="15%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Llao Llao Resorts S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Hotel services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,510 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Guarantee Deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(17)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=3 width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Nuevas Fronteras S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Management fees </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,267 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(25,885) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Banco de cr&#233;dito y securitizaci&#243;n </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Leases and/or rights of use </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>43 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Convertible Notes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>100,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>5,671 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Zetol S.A. </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Vista al Muelle S.A. </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Subsidiaries </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,325,432</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>99,058</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>100,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>44,012 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(17) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(60,412) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(213,651)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(189,940) </FONT></B></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif><FONT><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>33</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>29.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Related party transactions </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Description of Transaction</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Investments in financial assets <BR>non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Investments in financial assets <BR>current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables <BR>non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries of IRSA CP</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="15%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Arcos de Gourmet S.A </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive program </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>51</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="15%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Emprendimiento Recoleta S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive program </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>360</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Non-Convertible Notes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(16,546)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(304)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="15%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Fibesa S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive program </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>12,009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="15%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Panamerican Mall S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>569</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive program </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>979</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="15%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Nuevo Puerto Santa Fe </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive program </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>514</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Shopping Neuqu&#233;n S.A. </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Subsidiaries of IRSA CP </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>14,488</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(10)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(16,546)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(304)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Other related parties </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Consultores Asset Management S.A. (CAMSA) </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,291</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="15%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Fundaci&#243;n IRSA </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>65</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Donations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(581)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="15%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Estudio Zang, Bergel &amp; Vi&#241;es </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Legal Services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(149)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Other related parties </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,366</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(730)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Joint Ventures of IRSA CP</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Quality Invest S.A. </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>196</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Joint Ventures of IRSA CP </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>196</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Joint Ventures </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=3 width="15%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Cyrsa S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>11 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Credit due to capital reduction </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>8,847 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Borrowings </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(17,208)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Baicom Networks S.A. </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>26 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Puerto Retiro S.A. </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>44 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Joint Ventures </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>8,928 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(17,208)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Directors </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=4 width="15%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Directors </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Fees </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(3,419)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(8,105)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>301</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Advances </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>8,121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Guarantee deposits </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Directors </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>- </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>8,422</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(3,427)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(8,105)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>- </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" noWrap>

   <P style="LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,325,432 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>142,077</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>100,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>44,012 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(3,444)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(101,253)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(289,763)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 7pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(191,150)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif><FONT><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>34</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>29.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Related party transactions </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The following is a summary of the balances with related parties as of June 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 45pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif><BR>Related party</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif><BR>Description of Transaction</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>non-current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; TEXT-INDENT: -1.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Investments in financial assets non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; TEXT-INDENT: 4.3pt; MARGIN: 0cm 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Investments in financial assets current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>non-current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables <BR>current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>non-current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Parent Company</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=6 width="14%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>CRESUD S.A.C.I.F. y A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Sale of good and/or services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>216</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 2.85pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Management fees </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 2.85pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(12)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>1,160</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 2.85pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Corporate services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 2.85pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(17,428)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 2.85pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(4,205)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 2.85pt 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(8,087)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="14%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(16,504)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(743)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total Parent Company</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>1,376</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(29,732)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(16,504)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(743)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=3 width="14%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>E. Commerce Latina S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Management fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(7,930)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=8 width="14%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(13,790)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Corporate services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(12,558)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(765)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>36,252</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Share-based payments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>47,743</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Sale of properties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,239,283</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>88,825</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" noWrap>

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(38,291)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="14%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Solares de Santa Mar&#237;a S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>6,686</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="14%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Palermo Invest S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>3,646</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="14%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(72,814)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(7,227)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; TEXT-INDENT: 5.4pt; MARGIN: 0cm 0pt 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(38,311)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 8pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(1,714)</FONT></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif><FONT><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>35</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 13pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>29.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Related party transactions </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Description of Transaction</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Investments in financial assets non-current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Investments in financial assets current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>non-current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables <BR>current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>non-current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings current </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" rowSpan=2 width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Inversora Bolivar S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(8,560)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Hoteles Argentinos S.A.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Hotel services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>104</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(1,821)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Tyrus S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>33</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>48</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(1,028)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Llao Llao Resorts S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Hotel services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>3,451</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Guarantee deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(16)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=3 width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Nuevas Fronteras S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(105)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Management fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>807</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(20,576)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(4,221)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total Subsidiaries</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,242,969</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>147,665</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>36,252</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(16)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(30,068)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(131,701)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(67,943)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries CRESUD</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Futuros y Opciones.com S.A.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(29)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>HELMIR S.A.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(27,544)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(1,254)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total Subsidiaries CRESUD</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(29)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(27,544)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(1,254)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries IRSA CP</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Arcos del Gourmet S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>55</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=3 width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Emprendimiento Recoleta S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>328</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

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   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(14,721)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(670)</FONT></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif><FONT><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>36</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>29.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Related party transactions </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="LINE-HEIGHT: 13pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 2.85pt">

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Description of Transaction</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables current </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Investments in financial assets non-current</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Investments in financial assets current </FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>non-current </FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables <BR>current </FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings<BR>non-current </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings current </FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries IRSA CP</FONT></I></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" rowSpan=2 width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Fibesa S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>10,934</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" rowSpan=3 width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Panamerican Mall S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>589</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>1,089</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Non-Convertible Notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(56,944)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(2,593)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Shopping Neuqu&#233;n S.A.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total Subsidiaries IRSA CP</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>13,006</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(5)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(71,665)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(3,263)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries TYRUS</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Irsa International LLC</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>468</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reig I</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Zetol S.A.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Vista al Muelle S.A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="14%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>21</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Real Estate Strategies LP</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,383</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>New Lipstick LLC </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,189</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Imadison LLC</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>1,534</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total Subsidiaries TYRUS</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>6,610</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Associates</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" rowSpan=2 width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Banco de Cr&#233;dito y Securitizaci&#243;n S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Convertible Notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>100,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>452</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Leases and/or rights of use</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>42</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Banco Hipotecario S.A.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(23)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total Associates</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>42</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>100,000</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>452</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(23)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Associates IRSA CP</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Tarshop S.A.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Leases </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(36)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total associates IRSA CP</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(36)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif><FONT><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>37</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>29.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Related party transactions </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Description of Transaction</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Investments in </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>financial assets</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>non-current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Investments in </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>financial assets</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>non-current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables <BR>current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings <BR>non-current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings current </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Joint Ventures</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=3 width="11%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Cyrsa S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Credit due to capital reduction</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>8,847</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(14,438)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="11%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Baicom Networks S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>922</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>222</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Puerto Retiro S.A.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>257</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total Joint Ventures</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>10,259</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(14,438)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Joint Ventures IRSA CP</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="11%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Quality Invest S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>204</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Advanced payments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Nuevo Puerto Santa Fe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Long-term incentive program</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>467</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total Joint Ventures IRSA CP</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>671</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(5)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Other related parties</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Consultores Asset Management S.A. </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>3,123</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="11%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=2 width="11%">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Legal services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(280)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Fundaci&#243;n IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Reimbursement of expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>63</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total Other related parties</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>3,186</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(280)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Directors and Senior Management</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" rowSpan=3 width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Directors</FONT></P></TD>

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   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Fees</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Advances</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>317</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Guarantee deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total Directors and Senior Management</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>317</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(8)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" width="11%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total </FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,242,969</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>183,132</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>100,000</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>36,704</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(24)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(60,178)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(261,852)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>(73,203)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif><FONT><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>38</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>29.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Related party transactions </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; TEXT-INDENT: 36pt; MARGIN: 0cm 2.55pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>The following is a summary of the transactions with related parties for the three-month period ended September 30, 2015:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 2.55pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" rowSpan=2 width="24%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Commissions</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Leases and/or rights of use</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Management fees</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Corporate services</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Legal services</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Financial operations</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Parent Company</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Cresud S.A.C.I.F. y A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>265</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(7,142)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(960)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Parent Company</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>265</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(7,142)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(960)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(791)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(5,093)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>130,617</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>E-Commerce Latina S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(321)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Inversora Bolivar S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(362)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Baicom S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(18)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Llao Llao Resorts S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>54</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(5,303)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Hoteles Argentinos S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(67)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Nuevas Fronteras S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>348</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(1,088)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Efanur S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Solares de Santa Mar&#237;a S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Tyrus S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>8</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Palermo Invest S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>172</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Subsidiaries</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(15)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(737)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>350</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(5,093)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>123,638</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries IRSA CP</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Fibesa S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Panamerican Mall S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Emprendimiento Recoleta S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(388)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Subsidiaries IRSA CP</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(388)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif><FONT><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>39</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 2.55pt 0pt 35.45pt"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=arial,sans-serif>29.</FONT></B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=arial,sans-serif>Related party transactions </FONT></B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 2.55pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" rowSpan=2 width="24%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Commissions</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Leases and/or rights of use</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Management fees</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Corporate Services</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Legal services</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Financial operations</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD></TR>

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   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries Tyrus</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>REIG I </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Subsidiaries Tyrus</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Associates</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Banco de Cr&#233;dito y Securitizaci&#243;n S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>5,219</FONT></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Banco Hipotecario S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Associates</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>5,219</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Associates IRSA CP</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Associates IRSA CP</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Joint Ventures</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Baicom S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Cyrsa S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(693)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Joint Ventures</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(693)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(380)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>127</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Isaac Elsztain e Hijos S.C.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(88)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Hamonet S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(46)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Other related parties</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(7)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(380)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Directors and Senior Management</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Senior Management</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(599)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.05pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Directors</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(5,207)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Directors and Senior Management</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(5,806)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" width="24%">

   <P style="LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(15)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(479)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(5,456)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(12,235)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(380)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.55pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>126,816</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif><FONT><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>40</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 2.55pt 0pt 0cm"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 2.55pt 0pt 0pt"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=arial,sans-serif>29.</FONT></B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=arial,sans-serif>Related party transactions </FONT></B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 2.55pt 0pt 0pt"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 2.55pt 0pt 0pt"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>The following is a summary of the transactions with related parties for the three-month period ended September 30, 2014:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 2.55pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 32pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Commissions</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Leases and/or rights of use</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Management fees </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Corporate services</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Legal services</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Financial operations</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Fees and salaries</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Parent Company</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Cresud S.A.C.I.F. y A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>616</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(7,609)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(2,305)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Parent Company</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>616</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(7,609)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(2,305)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Alto Palermo S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,051</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(6,405)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>E-Commerce Latina S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(351)</FONT></P></TD>

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<TR style="HEIGHT: 5.65pt">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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<TR style="HEIGHT: 5.65pt">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>49</FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

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<TR style="HEIGHT: 5.65pt">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

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<TR style="HEIGHT: 5.65pt">

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(60)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Nuevas Fronteras S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>313</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(1,367)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Efanur S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,270</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Tyrus S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>14,548</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Palermo Invest S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(329)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Subsidiaries</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,100</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>315</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>5,965</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries IRSA CP</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Fibesa S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>392</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 2.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Panamerican Mall S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(1,335)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Emprendimiento Recoleta S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(345)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Subsidiaries IRSA CP</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>392</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(1,680)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face=georgia><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></FONT></B><FONT><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT><FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 2.55pt 0pt 0cm"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -63.8pt; MARGIN: 0cm 2.55pt 0pt 35.45pt"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=arial,sans-serif>29.</FONT></B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=arial,sans-serif>Related party transactions </FONT></B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; MARGIN: 0cm 2.55pt 0pt 0cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Related party</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Commissions</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Leases and/or rights of use</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 32pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Management fees </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Corporate services</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Legal services</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Financial operations</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Fees and salaries</FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Associates</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Banco de Cr&#233;dito y Securitizaci&#243;n S.A.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>915</FONT></P></TD>

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   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Banco Hipotecario S.A.</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>336</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Associates</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,251</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Associates IRSA CP</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Tarshop S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,582</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Associates IRSA CP</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,582</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Joint Ventures</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Cyrsa S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(5,606)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Joint Ventures</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(5,606)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(270)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Consultores Asset Management S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>79</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(79)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Hamonet S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(41)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Other related parties</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(120)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>79</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(270)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Directors and Senior Management</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Senior Management</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(908)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Directors</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(3,538)</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total Directors and Senior Management</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(4,446)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>4,821</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>394</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.85pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(7,609)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 2.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(270)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(3,626)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(4,446)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>42</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face="times new roman"><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face="times new roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>30.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Special reserve</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Pursuant to CNV General Ruling N&#176; 609/12, the Company set up a special reserve reflecting the positive difference between the balance at the beginning of retained earnings disclosed in the first financial statements prepared according to IFRS and the balance at closing of retained earnings disclosed in the last financial statements prepared in accordance with previously effective accounting standards. This reserve may not be used to make distributions in kind or in cash, and may only be reversed to be capitalized, or otherwise to absorb potential negative balances in Retained Earnings.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>31.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>CNV General Resolution N&#176; 622</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>As required by Section 1&#176;, Chapter III, Title IV of CNV General Resolution N&#176; 622, below there is a detail of the notes to the Unaudited Condensed Interim Separate Financial Statements that disclosure the information required by the Resolution in Exhibits.</FONT></P>

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   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exhibit A - Property, plant and equipment</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Note 6 Investment properties and Note 7 Property, plant and equipment </FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exhibit B - Intangible assets</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Note 9 Intangible assets</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exhibit C - Equity investments</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Note 32 Equity investments</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exhibit D - Other investments</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Note 11 Financial instruments by category</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exhibit E - Provisions</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Note 12 Trading and other receivables and Note 18 Provisions </FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exhibit F - Cost of sales and services provided</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Note 8 Trading properties and Note 24 Expenses by nature</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exhibit G - Foreign currency assets and liabilities</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Note 33 Foreign currency assets and liabilities </FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>43</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face="times new roman"><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face="times new roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>32.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Equity investments</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Issuer and type of securities</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Class / Items</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Amount</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Value recorded as of 09.30.15</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Value recorded as of 06.30.15</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Market value as of 09.30.15</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Issuer's information</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interest in common stock</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Main activity</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Registered office</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=4>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Last financial statements issued</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Date</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common stock (nominal value)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Profit (loss) for the period</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>IRSA Propiedades Comerciales S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>120,500,167</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,343,780</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,596,363</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>120.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>126,014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>103,003</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,061,315</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>95.71%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Intergroup transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(2,072,489)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(2,586,969)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>400,753</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>407,531</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Banco Hipotecario S.A. (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>75,000,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>236,827</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>225,383</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4.20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Financial</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,500,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>563,098</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,918,188</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>5.13%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Banco de Cr&#233;dito &amp; Securitizaci&#243;n S.A. (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,984,375</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>16,744</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>15,814</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Financial</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>62,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>28,922</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>268,815</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6.38%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Cyrsa S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>8,748,270</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>18,611</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>17,532</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>17,497</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,159</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>37,223</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>50.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="20%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>E-Commerce Latina S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>83,913,950</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>250,778</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>260,375</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>79,621</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>12,173</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>259,235</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>96.74%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1,512)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1,512)</FONT></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif><FONT><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>44</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face="times new roman"><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face="times new roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>32.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Equity investments</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="16%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Issuer and type of securities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Class / Items</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Amount</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Value recorded as of 09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Value recorded as of 06.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Market value as of 09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="38%" colSpan=6>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Issuer's information</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interest in common stock</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Main activity</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Registered office</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=4>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Last financial statements issued</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Date</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common stock (nominal value)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Profit (loss) for the period</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="16%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Efanur S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>213,743,711</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>179,493</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>236,519</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Uruguay</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>130,092</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(58,367)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>179,769</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Irrevocable contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>276</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="16%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="16%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Hoteles Argentinos S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>15,366,840</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(300)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>926</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Hotel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>19,209</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1,532)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(375)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>80.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>617</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>651</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="16%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="16%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Inversora Bolivar S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>78,909,867</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>294,543</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>283,731</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>84,449</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>11,366</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>309,619</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>95.13%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,428</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,428</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="16%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="16%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Llao Llao Resort S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>73,580,206</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>20,585</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>23,521</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Hotel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>147,160</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(5,872)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>41,170</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>50.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>85</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>88</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="16%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Manibil S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>47,747,880</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>59,670</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>46,545</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>97,445</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,377</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>121,776</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>49.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Goodwill</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>10</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="16%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="16%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Nuevas Fronteras S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>38,068,999</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>33,529</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>35,573</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Hotel</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>49,869</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(2,678)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>43,921</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>76.34%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Lower value</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(14,877)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(15,122)</FONT></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif><FONT><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>45</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face="times new roman"><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face="times new roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>32.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity investments</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="16%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Issuer and type of securities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Class / Items</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Amount</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Value recorded as of 09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Value recorded as of 06.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Market value as of 09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="39%" colSpan=6>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Issuer's information</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interest in common stock</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Main activity</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Registered office</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=4>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Last financial statements issued</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Date</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common stock (nominal value)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Profit (loss) for the period</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="16%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Palermo Invest S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>153,283,989</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>249,592</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>238,293</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>158,025</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>11,649</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>257,311</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>97.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 3.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.2pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.2pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>318</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 3.2pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>318</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Intergroup transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(29,987)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(29,987)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="16%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="16%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Ritelco S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>181,016,717</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>335,942</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>321,598</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Uruguay</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>66,970</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>17,804</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>366,753</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=4 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Irrevocable contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>27,399</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>27,399</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Higher value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>859</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>263</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Intergroup transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(190)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(190)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="16%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="16%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Solares de Santa Mar&#237;a S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>284,095</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Real estate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>90.57%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Intergroup transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(166,521)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Irrevocable contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="16%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="16%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Tyrus S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,000,000,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>158,953</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>591,097</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Uruguay</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>877,097</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(458,976)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,079,906</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Irrevocable contributions</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>913,820</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>885,997</FONT></P></TD></TR></TABLE></DIV>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif><FONT><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>46</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face="times new roman"><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face="times new roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>32.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Equity investments</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="17%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Issuer and type of securities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Class / Items</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Amount</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Value recorded as of 09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Value recorded as of 06.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Market value as of 09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="39%" colSpan=6>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Issuer's information</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interest in common stock</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Main activity</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Registered office</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Last financial statements issued</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Date</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common stock (nominal value)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Profit (loss) for the period</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Equity</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="17%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Unicity S.A. </FONT><FONT style="FONT-SIZE: 6.5pt" lang=EN-US face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Common shares 1 vote</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>26,431</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Not publicly traded</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Investment</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Argentina</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total investments in subsidiaries, associates and joint ventures as of 09.30.15</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,430,257</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total investments in subsidiaries, associates and joint ventures as of 06.30.15</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,732,180</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>The amounts correspond to the financial statements of Banco Hipotecario S.A. and Banco de Cr&#233;dito &amp; Securitizaci&#243;n S.A. prepared in accordance with the Central Bank of the Argentine Republic (&#8220;BCRA&#8221;) standards. </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>For the purpose of the valuation of the investment in the Company, adjustments necessary to adequate the financial statements to the professional accounting standards have been considered.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>See Note 3.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="LINE-HEIGHT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif><FONT><FONT style="FONT-SIZE: 7pt" lang=X-NONE face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>47</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face="times new roman"><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face="times new roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>33.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Foreign currency assets and liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Book amounts of foreign currency assets and liabilities are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 27.35pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 27.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Items</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 27.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Amount of foreign currency (1)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 27.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Prevailing exchange rate (2)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 27.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.2pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total as of </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 2.2pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>09.30.15</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 27.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Amount of foreign currency (1)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 27.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Prevailing exchange rate (2)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 27.35pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total as of</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>06.30.15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Assets</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>6,394</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.322</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>59,609</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,395</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>8.988</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>21,526</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Euros</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>10.404</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>10.005</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.85pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Receivables with related parties:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.85pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>249,181</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.422</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,347,779</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>257,298</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,338,322</FONT></P></TD></TR>

<TR style="HEIGHT: 8.85pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total trade and other receivables</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,407,391</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.85pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,359,848</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Investments in financial assets</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>19,343</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.322</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>180,320</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>6,652</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>8.988</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>59,786</FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total investments in financial assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>180,320</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>59,786</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Cash and cash equivalents</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>5,086</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.322</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>47,413</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>283</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>8.988</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,545</FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Euros</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>76</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>10.404</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>787</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>76</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>10.005</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>757</FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Swiss Francs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.549</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.608</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1</FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Pounds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>14.1001</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>14.134</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>11</FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total cash and cash equivalents</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>48,212</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,314</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total assets as of 09.30.15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,635,923</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total assets as of 06.30.15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 8.9pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,422,948</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Liabilities</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>1,004</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.422</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9,457</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>967</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>8,789</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Payables with related parties:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>393</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.422</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,699</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>777</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>7,060</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total trade and other payables</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>13,156</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>15,849</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>288,245</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.422</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,715,842</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>294,214</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,673,817</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Borrowings with related parties:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>US Dollar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>42,996</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.422</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>405,106</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>28,770</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>9.088</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>261,462</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total borrowings</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,120,948</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,935,279</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total liabilities as of 09.30.15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>3,134,104</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>Total liabilities as of 06.30.15</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0pt 0pt 0cm" align=right><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>2,951,128</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 10pt; TEXT-INDENT: -21.75pt; MARGIN: 0cm 0pt 0pt 21.75pt"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US color=black face=arial,sans-serif>(1)</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US color=windowtext face=arial,sans-serif>Considering foreign currencies those that differ from Company&#8217;s functional currency at each period / year-end.</FONT></P>

<P style="LINE-HEIGHT: 10pt; TEXT-INDENT: -21.75pt; MARGIN: 0cm 0pt 0pt 21.75pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Exchange rate as of September 30, 2015 and June 30, 2015 according to Banco Naci&#243;n Argentina records.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT><FONT face="times new roman"><B><FONT style="FONT-SIZE: 16pt" lang=ES-AR face="times new roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=ES-AR face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><B><FONT><B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif>Notes to the Unaudited Condensed Interim Separate Financial Statements</FONT></B></FONT></B><FONT style="FONT-SIZE: 12pt" lang=X-NONE face=Arial,sans-serif> (Continued)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=X-NONE face=Arial,sans-serif>(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt" align=center><FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0pt 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>34.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Subsequent Events</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Ordinary and Extraordinary Shareholders&#8217; meeting as of October 30, 2015</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#333333 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>On October 30, 2015, the Company&#8217;s Annual Shareholders&#8217; Meeting related to the fiscal year ended June 30, 2015, appointed the new members of the Supervising Commission and the Board of Directors; approved the Board of Directors&#8217; compensation; decided not to compensate the members of the Supervising Commission; it approved the amount to be paid on account of the tax on personal assets of shareholders; entrusted the Board of Directors with the implementation of a new Service Sharing Agreement; approved the Board of Director&#8217;s power regarding the Global Corporate Note Issuance Program consisting of common corporate notes not convertible into shares, with or without collateral or collateralized by third parties, and for a maximum outstanding amount of up to US$ 300 million. It was decided to adjourn the meeting to November 26, 2015, for the consideration of the following matters: (i) allocation of the income for the year, (ii) special financial statements of merger / merger&#8211;spin-off.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>See other subsequent events in Note 40 to Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif>49</FONT><FONT style="DISPLAY: none"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=ES color=black face=arial,sans-serif></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 16pt" lang=ES-AR face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 16pt" lang=ES-AR face="Times New Roman"></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Information required by Section 68 of the Buenos Aires Stock Exchange Regulations</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>and Section 12, Chapter III, Title IV of Resolution 622/13</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Statement of Financial Position as of September 30, 2015</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Stated in thousands of pesos</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 3cm" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 3cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 3cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Specific and significant systems that imply contingent lapsing or rebirth of benefits envisaged by such provisions.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 3cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 3cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>None.</FONT></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 3cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 3cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Significant changes in the Company&#8217;s activities or other similar circumstances that occurred during the fiscal years included in the financial statements, which affect their comparison with financial statements filed in previous fiscal years, or that could affect those to be filed in future fiscal years.</FONT></U></B></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 3cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 3cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>See Note 2.1.</FONT></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 3cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 3cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Receivables and liabilities by maturity date</FONT></U></B><B><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>.</FONT></U></B></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 3cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Items</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Falling due</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>(Point 3.a.)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Without term (Point 3.b)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Without term (Point 3.b)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="52%" colSpan=8>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>To be due (Point 3.c.)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>09.30.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Non-current</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Up to 3 months</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>From 3 to 6</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>months</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>From 6 to 9</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>months</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>From 9 to 12</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>months</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>From 1 to 2</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>years</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>From 2 to 3</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>years</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>From 3 to 4</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>years</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 23.05pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>From 4 years</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>on</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Account receivable</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Trade and other receivables </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>110,333</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>3,244</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>556</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>10,249</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>43,319</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>5,330</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>5,401</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,172,935</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>5,456</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9,122</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,166,534</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2,532,479</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>110,333</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>3,244</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>556</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>10,249</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>43,319</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>5,330</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>5,401</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,172,935</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>5,456</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>9,122</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,166,534</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2,532,479</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Trade and other payables</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>66,097</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>8</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>70,662</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>433</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>339</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>567</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>4,989</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>342</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>306</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,365</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>145,108</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>725,851</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>51,011</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>179,655</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>540</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,440,146</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>25,986</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>8,075</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,479,519</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>3,910,783</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Salaries and social security liabilities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>666</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>350</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>121</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,137</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>24,810</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2,740</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>27,550</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>66,097</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>25,476</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>2,748</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>796,863</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>51,444</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>179,994</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,228</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,445,135</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>26,328</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>8,381</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>1,480,884</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 11pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>4,084,578</FONT></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 10pt 35.45pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>

<a name="_bclFooter144"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>50</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_145"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader145"></a><DIV>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 16pt" lang=ES-AR face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 5.6pt 0pt 0cm"><FONT face=georgia><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=ES-AR color=black face=georgia></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Information required by Section 68 of the Buenos Aires Stock Exchange Regulations</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>and Section 12, Chapter III, Title IV of Resolution 622/13</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Statement of Financial Position as of September 30, 2015</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Stated in thousands of pesos</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: right; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: 21.25pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4.a.</FONT></B><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Breakdown of accounts receivable and liabilities by currency and maturity.</FONT></U></B></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 colSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Items</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Non-current</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Totals</FONT></P></TD></TR>

<TR style="HEIGHT: 26pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Local currency</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Foreign currency</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Local currency</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Foreign currency</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Local currency</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 26pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Foreign currency</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 26pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" rowSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt"></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Account receivables</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other receivables </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>118,251</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>59,625</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>177,876</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>6,837</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,347,766</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,354,603</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>125,088</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,407,391</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,532,479</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>118,251</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>59,625</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>177,876</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>6,837</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,347,766</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,354,603</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>125,088</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,407,391</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,532,479</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Liabilities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Trade and other payables</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>125,298</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>12,800</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>138,098</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>6,654</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>356</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>7,010</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>131,952</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>13,156</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>145,108</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>723,453</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>233,604</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>957,057</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>66,382</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,887,344</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,953,726</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>789,835</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>3,120,948</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>3,910,783</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Salaries and social security liabilities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>1,137</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>1,137</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>1,137</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>1,137</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>24,810</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>24,810</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,740</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,740</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>27,550</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>27,550</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>874,698</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>246,404</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>1,121,102</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>75,776</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,887,700</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>2,963,476</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>950,474</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>3,134,104</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=arial,sans-serif>4,084,578</FONT></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 2cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 3cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>4.b.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Breakdown of accounts receivable and liabilities by adjustment clause.</FONT></U></B></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 2cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 3cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>As of September 30, 2015 there are not receivable and liabilities subject to adjustment clause.</FONT></P>

<a name="_bclFooter145"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>51</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></P></DIV></DIV>

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&nbsp; <A name="page_146"></A>

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<a name="_bclHeader146"></a><DIV>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 16pt" lang=ES-AR face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 16pt" lang=ES-AR face="Times New Roman"></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Information required by Section 68 of the Buenos Aires Stock Exchange Regulations</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>and Section 12, Chapter III, Title IV of Resolution 622/13</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Statement of Financial Position as of September 30, 2015</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Stated in thousands of pesos</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>4.c.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Breakdown of accounts receivable and liabilities by interest clause.</FONT></U></B></P>

<P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Items</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=4>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=4>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Non-current</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="14%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Accruing interest</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Non-</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>accruing interest</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 2.25pt double; BORDER-RIGHT: black 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom rowSpan=3 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Accruing interest</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Non-accruing interest</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" colSpan=2>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Accruing interest</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Non-accruing interest</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed rate</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating rate</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed rate</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating rate</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Fixed rate</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Floating rate</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Accounts receivables</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Trade and other receivables </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>53,162</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>124,714</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>177,876</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,343,478</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,331</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7,794</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,354,603</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,396,640</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,331</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>132,508</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,532,479</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>53,162</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>124,714</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>177,876</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,343,478</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,331</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7,794</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,354,603</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,396,640</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,331</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>132,508</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,532,479</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Trade and other payables</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>138,098</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>138,098</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,147</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,863</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>7,010</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,147</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>141,961</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>145,108</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>182,021</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>616,441</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>158,595</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>957,057</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,817,809</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>135,914</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,953,726</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,999,830</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>752,355</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>158,598</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,910,783</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Salaries and social security liabilities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,137</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,137</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,137</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,137</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>24,810</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>24,810</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,740</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,740</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>27,550</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>27,550</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=arial,sans-serif>Total</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>182,021</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>616,441</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>322,640</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>1,121,102</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,820,956</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>135,914</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>6,606</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>2,963,476</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>3,002,977</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>752,355</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>329,246</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #cceeff; HEIGHT: 1pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>4,084,578</FONT></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

<a name="_bclFooter146"></a><DIV>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; DISPLAY: none" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>52</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
&nbsp; <A name="page_147"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader147"></a><DIV>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 16pt" lang=ES-AR face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 16pt" lang=ES-AR face="Times New Roman"></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Information required by Section 68 of the Buenos Aires Stock Exchange Regulations</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>and Section 12, Chapter III, Title IV of Resolution 622/13</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Statement of Financial Position as of September 30, 2015</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=ES-AR face=Arial,sans-serif>Stated in thousands of pesos</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 7.05pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>5.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Related parties.</FONT></U></B></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>a.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Interest in related parties.</FONT></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="34%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 46.6pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 46.6pt; PADDING-TOP: 0cm" width="66%" noWrap>

   <P style="LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Name of the entity</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 46.6pt; PADDING-TOP: 0cm" width="34%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>% of ownership interest held by the Group</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0pt 0pt 9.5pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Direct Controlling interest of IRSA:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0pt 0pt 9.5pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>IRSA Propiedades Comerciales S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>95.90%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0pt 0pt 9.5pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>E-Commerce Latina S.A.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif> (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0pt 0pt 9.5pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Efanur S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0pt 0pt 9.5pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Hoteles Argentinos S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>80.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0pt 0pt 9.5pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Inversora Bol&#237;var S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0pt 0pt 9.5pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Llao Llao Resorts S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>50.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0pt 0pt 9.5pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Nuevas Fronteras S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>76.34%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0pt 0pt 9.5pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Palermo Invest S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0pt 0pt 9.5pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Ritelco S.A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="34%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>100.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>

   <P style="TEXT-ALIGN: left; LINE-HEIGHT: 12pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0pt 0pt 9.5pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Tyrus S.A<FONT style="FONT-SIZE: 12pt" face="Times New Roman">.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="34%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>100.00%</FONT></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>See investments in equity securities (Note 32).</FONT></P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 78.55pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(i)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>See Note 3.</FONT></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0cm 0pt 42.55pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>b.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Related parties debit/credit balances. See Note 29 to the Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -72pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>6.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Loans to directors.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>See Note 29 to the Unaudited Condensed Interim Separate Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>7.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Inventories.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>In view of the nature of the inventories, no physical inventories are performed and there are no slow turnover assets.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0cm 0pt 7.1pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0cm 0pt 7.1pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>8.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Current values.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>See Note 2 to the Consolidated Financial Statements as of September 30, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0cm 0pt 7.1pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>9.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Appraisal revaluation of property, plant and equipment.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 7.1pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>None.</FONT></P>

<a name="_bclFooter147"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>53</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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&nbsp; <A name="page_148"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader148"></a><DIV>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 16pt" lang=ES-AR face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 16pt" lang=ES-AR face="Times New Roman"></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Information required by Section 68 of the Buenos Aires Stock Exchange Regulations</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>and Section 12, Chapter III, Title IV of Resolution 622/13</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Statement of Financial Position as of September 30, 2015</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Stated in thousands of pesos</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 7.1pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0cm 0pt 7.1pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>10.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Obsolete unused property, plant and equipment.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 7.1pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>None.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0cm 0pt 7.1pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>11.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Equity interest in other companies in excess of that permitted by section 31 of law N&#176; 19,550.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 7.1pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>None.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0cm 0pt 7.1pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0cm 0pt 7.1pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>12.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Recovery values.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>See Note 2 to the Consolidated Financial Statements as of September 30, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 7.1pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>13.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Insurances.</FONT></U></B></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 7.1pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Insured Assets. </FONT></P>

<P style="LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Real Estate</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Insured amounts (1)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Accounting values</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 2.25pt double; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" width="38%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Risk covered</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>BOUCHARD 551</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>1,566</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,585</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>All operational risk with additional coverage and minor risks</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>MAIPU 1300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>7,125</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>9,914</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>All operational risk with additional coverage and minor risks</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>LIBERTADOR 498</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,423</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>3,972</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>All operational risk with additional coverage and minor risks</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>DIQUE IV</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>23,081</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>51,043</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>All operational risk with additional coverage and minor risks</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>RIVADAVIA 2768</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>369</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>263</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>All operational risk with additional coverage and minor risks</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>MADERO 1020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>216</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>108</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>All operational risk with additional coverage and minor risks</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>CONSTITUCI&#211;N 1111</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>191</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>673</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>All operational risk with additional coverage and minor risks</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>CASONA ABRIL</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>4,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,357</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>All operational risk with additional coverage and minor risks</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>CATALINA NORTE PLOT OF LAND</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>109,496</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>All operational risk with additional coverage and minor risks</FONT></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>SUBTOTAL</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>41,971</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>185,411</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 2.25pt double; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.65pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>SINGLE POLICY</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>15,000</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: 10pt; MARGIN: 0cm 5.65pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>-</FONT></P></TD>

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   <P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Third party liability</FONT></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 10pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 10pt; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0pt 0pt 49.65pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>The insured amounts are in thousands of U.S. dollars.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In our opinion, the above-described insurance policies cover current risks adequately.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>54</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 16pt" lang=ES-AR face="Times New Roman">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 16pt" lang=ES-AR face="Times New Roman"></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Information required by Section 68 of the Buenos Aires Stock Exchange Regulations</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>and Section 12, Chapter III, Title IV of Resolution 622/13</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Statement of Financial Position as of September 30, 2015</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=ES-AR face=Arial,sans-serif>Stated in thousands of pesos</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 14pt; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>14.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Allowances and provisions that, taken individually or as a whole, exceed 2% of the shareholder&#8217;s equity.</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>None.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>15.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Contingent situations at the date of the financial statements which probabilities are not remote and the effects on the Company&#8217;s financial position have not been recognized.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>16.</FONT></B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Status of the proceedings leading to the capitalization of irrevocable contributions towards future subscriptions.</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>17.</FONT></B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Unpaid accumulated dividends on preferred shares.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>None.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>18.</FONT></B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Restrictions on distributions of profits.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>According to the Argentine laws, 5% of the profit of the year is separated to constitute legal reserves until they reach legal capped amounts (20% of total capital). These legal reserves are not available for dividend distribution.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>In addition, according to CNV General Resolution N&#176; 609/12, a special reserve was constituted which could not be released to make distributions in cash or in kind. See Note 26 to the Unaudited Condensed Interim Consolidated Financial Statements.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>IRSA NCN due 2017 and IRSA NCN due 2020 both contain certain customary covenants and restrictions, including amount others, limitations for the incurrence of additional indebtedness, restricted payments, disposal of assets, and entering into certain transactions with related companies. Restricted Payments include restrictions on the payment of dividends.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=arial,sans-serif>Autonomous City of Buenos Aires November 11, 2015.</FONT></P><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT><FONT><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif>55</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 8pt" lang=X-NONE face=Arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=georgia>Free translation from the original prepared in Spanish for publication in Argentina</FONT></P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>REVIEW REPORT ON THE UNAUDITED CONDENSED</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>INTERIM SEPARATE FINANCIAL STATEMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>To the Shareholders, President and Directors of</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=ES-AR face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>Legal address: Bolivar 108 &#8211; 1&#176; floor</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>Autonomous City Buenos Aires</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>Tax Code No. 30-52532274-9</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>Introduction</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 97%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 97%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>We have reviewed the unaudited condensed interim separate </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>financial statements attached </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>of IRSA Inversiones y Representaciones Sociedad An&#243;nima (hereinafter &#8220;the Company&#8221;)</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia> which included the unaudited condensed interim separate statements of financial position as of September&nbsp;30, 2015, and the unaudited condensed interim separate statements of income and comprehensive income for the three-month period ended September 30, 2015 and the unaudited condensed interim separate statements of changes in shareholders&#8217; equity and the unaudited condensed interim separate statements of cash flows for the three-month period ended September 30, 2015 and selected explanatory notes. </FONT></FONT></P>

<P style="LINE-HEIGHT: 97%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 97%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>The balances and other information corresponding to the fiscal year ended June 30, 2015 and the interim periods within that fiscal period are an integral part of these financial statements and, therefore, they should be considered in relation to these financial statements. </FONT></FONT></P>

<P style="LINE-HEIGHT: 97%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=georgia></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 97%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>Management responsibility</FONT></B></FONT></P>

<P style="LINE-HEIGHT: 97%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 97%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 97%" face=georgia><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>The Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim separate financial statements in accordance with professional accounting standards of Technical Resolution No. 26 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) added by the National Securities Commission (CNV) to its regulations. Those standards differ from the International Financial Reporting Standards (IFRS) and, especially, from the International Accounting Standard No 34 "Interim Financial Reporting" (IAS 34) approved by the International Accounting Standard Board (IASB) and used for the preparation of the unaudited condensed interim consolidated financial statements of IRSA Inversiones y Representaciones Sociedad An&#243;nima with its subsidiaries as to the aspects mentioned in note 2.1 to the unaudited condensed interim separate financial statements attached. Our responsibility is to express a conclusion based on the review that we have performed with the scope detailed in paragraph &#8220;Scope of our review&#8221;.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=georgia><FONT style="FONT-SIZE: 9pt" lang=EN-US face=georgia>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P>

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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>Scope of our review</FONT></B></P>

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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face=georgia>Our review was limited to the application of the procedures established in the International Standard on Review Engagements ISRE 2410 "Review of interim financial information performed by the independent auditor of the entity", which was adopted as a review standard in Argentina through Technical Resolution No.&nbsp;33 of the FACPCE as approved by the International Auditing and Assurance Standards Board (IAASB). A review of interim financial information consists of making inquiries of persons responsible for the preparation of the information included in the unaudited condensed interim separate financial statements, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the separate statement of financial position, the separate statement of income, the separate statement of comprehensive income and separate statement of cash flow of the Company.</FONT></P>

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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>Conclusion</FONT></B></P>

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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>Nothing came to our attention as a result of our review that caused us to believe that these unaudited condensed interim separate financial statements mentioned in the first paragraph of this report have not been prepared in all material respects in accordance with the regulations of Technical Resolution No. 26 of the Argentine Federation of Professional Councils in Economic Sciences for separate financial statements of a parent company.</FONT></P>

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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=georgia>Report on compliance with current regulations</FONT></B></P>

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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>In accordance with current regulations, we report about IRSA Inversiones y Representaciones Sociedad An&#243;nima that:</FONT></P>

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<P style="LINE-HEIGHT: normal; TEXT-INDENT: -24.7pt; MARGIN: 0in 0in 0pt 42.55pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>a)</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>the unaudited condensed interim separate financial statements of IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia> are recorded in the "Inventory and Balance Sheet Book", and comply, as </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>regards</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia> those matters that are within our competence, with the provisions set forth in the Commercial Companies Law and in the corresponding resolutions of the National Securities Commission;</FONT></P>

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<P style="LINE-HEIGHT: normal; TEXT-INDENT: -24.7pt; MARGIN: 0in 0in 0pt 42.55pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>b)</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>the unaudited condensed interim </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>separate </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>financial statements of </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia> arise from accounting records carried in all formal aspects in conformity with the applicable legal provisions;</FONT></P>

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<P style="LINE-HEIGHT: normal; TEXT-INDENT: -24.7pt; MARGIN: 0in 0in 0pt 42.55pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>we </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US face=georgia>have</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia> read the additional information to the notes to the unaudited condensed interim separate statements required by section 68 of the listing regulations of the Buenos Aires Stock Exchange and by section 12 of Chapter III Title IV of the text of the National Securities Commission, on which, as regards those matters that are within our competence, we have no observations to make;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=georgia><FONT style="FONT-SIZE: 9pt" lang=EN-US face=georgia>Free translation from the original prepared in Spanish for publication in Argentina</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT face=georgia><FONT style="FONT-SIZE: 9pt" lang=EN-US face=georgia></FONT></FONT>&nbsp;</P></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: normal; TEXT-INDENT: -24.7pt; MARGIN: 0in 0in 0pt 42.55pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>at September 30, 2015, the debt of IRSA Inversiones y Representaciones Sociedad An&#243;nima owed in favor of the Argentina Integrated Pension System which arises from accounting records and submissions amounted to Ps. 65,951.86</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="times new roman"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>which was no callable at that date.</FONT></P>

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<P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=georgia>Autonomous City of Buenos Aires, November 11, 2015</FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=georgia>PRICE WATERHOUSE &amp; CO. S.R.L.</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=georgia></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=georgia></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><U><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Partner</FONT></U><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=georgia>)&nbsp;</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US color=#333333 face=georgia>C.P.C.E.C.A.B.A. T&#186; 1 F&#186; 17</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US color=#333333 face=georgia>Eduardo A. Loi&#225;cono</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US color=#333333 face=georgia>Public Accountant (UBA)</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US color=#333333 face=georgia>C.P.C.E.C.A.B.A. T&#186; 326 F&#186; 94</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES-AR face=georgia>ABELOVICH, POLANO &amp; ASOCIADOS S.R.L.</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES-AR face=georgia></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><U><FONT style="FONT-SIZE: 8pt" lang=ES-AR face=georgia></FONT></U><U><FONT style="FONT-SIZE: 8pt" lang=EN-US face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Partner)</FONT></U></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US color=#333333 face=georgia>C.P.C.E. C.A.B.A. T&#176; 1 F&#176; 30</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 8pt" face=georgia>Noem&#237; I. Cohn</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 8pt" lang=EN-US face=georgia>Public Accountant</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 8pt" face=georgia> (U.B.A.)</FONT></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 12pt; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=georgia>C.P.C.E.C.A.B.A. T&#176; 116 F&#176; 135</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><FONT lang=ES style="FONT-SIZE: 16pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September </FONT></FONT><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">30, 2015</FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>I. Brief comment on the Company&#8217;s activities during the period, including references to significant events occurred after the end of the period.</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Buenos Aires, November 11, 2015 - IRSA Inversiones y Representaciones Sociedad An&#243;nima (NYSE: IRS) (BASE: IRSA), Argentina&#8217;s leading real estate company, announces today the results of its operations for the three-month period ended September 30, 2015.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Consolidated Income*</FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>In millions of ARS</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 16</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 15</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Var (ARS)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Var (%)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Revenues from sales, leases and services</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>713.5</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>588.6</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>124.9</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>21.2%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Operating Income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>724.0</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>640.1</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>83.9</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>13.1%</FONT></P></TD></TR>

<TR style="HEIGHT: 1.85pt">

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Depreciation and Amortization</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>54.6</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>42.8</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>11.8</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>27.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 1.85pt">

   <TD style="HEIGHT: 1.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>EBITDA</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>778.6</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>682.9</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>95.7</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>14.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1.85pt">

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net (Loss) / Income </FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(316.0)</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>135.8</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(451.8)</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(332.7)%</FONT></P></TD></TR>

<TR style="HEIGHT: 1.85pt">

   <TD style="HEIGHT: 1.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Attributable to the parent company&#8217;s shareholders</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(275.7)</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.3</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(279.0)</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(8,454.5)%</FONT></P></TD></TR>

<TR style="HEIGHT: 1.85pt">

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Attributable to non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(40.3)</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>132.5</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(172.8)</FONT></P></TD>

   <TD style="HEIGHT: 1.85pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(130.4)%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><SUP><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>*</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>It coincides with the Income Statement of the Financial Statements (Excludes interest in joint ventures).</FONT></P>

<P style="MARGIN-LEFT: 3.8pt; MARGIN-RIGHT: 0cm; TEXT-INDENT: 0cm" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Revenues from sales, leases and services for the first quarter of 2016 were 21.2% higher than in the first quarter of 2015, mainly explained by an increase in revenues from the &#8220;Shopping Centers&#8221; and &#8220;Hotels&#8221; segments, partially offset by the &#8220;Offices&#8221; and &#8220;Sales and Developments&#8221; segments, which recorded lower revenues than in the period under comparison.</FONT></P>

<P style="MARGIN-LEFT: 3.8pt; MARGIN-RIGHT: 0cm; TEXT-INDENT: 0cm" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The Company&#8217;s Operating Income and EBITDA grew by 13.1% and 14.0%, respectively, mainly due to higher selling and administrative expenses and other operating income, offset by increased sales of investment properties.</FONT></P>

<P style="MARGIN-LEFT: 3.8pt; MARGIN-RIGHT: 0cm; TEXT-INDENT: 0cm" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Net loss for the first 3-month period of fiscal year 2016 was ARS&nbsp;316.0 million, compared to net income for ARS&nbsp;135.8 million in the same period of 2015, mainly due to a decrease in the value of the investment in IDB Development Corporation, which has changed its valuation method effective as of the quarter under analysis. Until June 30, 2015, the investment was recorded at the share&#8217;s fair quoted price, but as a result of a first instance court decision it may be now inferred that two classes of shares with different rights have been created in the facts and that the shares held by us are different from those in the market. Accordingly, the quotation is no longer a reference of the fair value of our investment, and the valuation criterion had to be changed. For further details, see the information contained in this Summary under &#8220;Investment in IDB Development Corporation&#8221;.</FONT></P>

<P style="MARGIN-LEFT: 3.8pt; MARGIN-RIGHT: 0cm; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman">1</FONT><FONT style="DISPLAY: none"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><FONT lang=ES style="FONT-SIZE: 16pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September </FONT></FONT><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">30, 2015</FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>II.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Shopping Centers (through our subsidiary IRSA Propiedades Comerciales S.A.)</FONT></B></P>

<P style="MARGIN: 0cm 0.25pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 13pt; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our tenants&#8217; sales reached ARS 6,588.2 million during the first three months of fiscal year 2016, 44.5% higher than in the same period of 2015 (36.3% without considering sales from Distrito Arcos or Alto Comahue Shopping). In the first quarter of 2015, there had been a slight deceleration in the growth of sales. Our portfolio&#8217;s leaseable area totaled 334,055 square meters during the period under review, whereas the occupancy rate increased slightly, reaching 98.9% </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="55%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Shopping Centers </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>(in ARS M)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>var %</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="55%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>532.8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>387.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>37.4%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="55%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Operating Income</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>377.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>273.8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>38.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="55%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Depreciation and Amortization</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>41.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>31.1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>34.1%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="55%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>EBITDA</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>419.6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>304.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>37.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="54%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD width="54%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="60%" noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Shopping Centers&#8217; Operating Indicators</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="60%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total Leaseable Area (sqm)<SUP> (1) (2)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>334,055</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>310,254</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="60%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Tenants&#8217; Sales (3 month cumulative &#8211; ARS MM)<SUP> (1)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,588.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,559.0</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="60%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Occupancy <SUP>(1)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>98.9%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>98.5</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(1) Percentage over gross leaseable area at period end.</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(2) Excludes Museo de los Ni&#241;os in Abasto Shopping and Alto Rosario Shopping.<BR></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3.8pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Revenues from this segment grew 37.4% during this quarter, whereas Operating Income reached ARS 377.9 million (+ 38.0% compared to the first quarter of 2015). This rise is explained mainly by the increase in gross income. The EBITDA margin was 78.7%, in line with the margins recorded in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman">2</FONT><FONT style="DISPLAY: none"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><FONT lang=ES style="FONT-SIZE: 16pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September </FONT></FONT><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">30, 2015</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.1pt 0pt 0cm; LINE-HEIGHT: 14pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Operating data of our Shopping Centers as of September 30, 2015</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.1pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Shopping Center</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Date of Acquisition</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>GLA (sqm)<SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Stores</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Occupancy (%)<SUP>(2)</SUP></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IRSA CP&#8217;s Interest<SUP>(3)</SUP></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 72pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Book Value (ARS thousand)<SUP>(4)</SUP></FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Abasto<SUP> (5)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Jul-94</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36,669</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>170</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>99.8%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>255,183</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Alto Palermo </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Nov-97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>19,545</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>144</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>99.7%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>218,892</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Alto Avellaneda </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Nov-97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36,729</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>138</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;130,820</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Alcorta Shopping </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Jun-97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15,433</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>106</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>99.2%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>105,940</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Patio Bullrich</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Oct-98</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11,636</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>87</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>99.4%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;111,272</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Alto Noa </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Mar-95</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>19,073</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>89</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>99.7%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>30,570</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Buenos Aires Design </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Nov-97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>13,889</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>63</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>97.9%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>53.7%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;11,475</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Mendoza Plaza </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Dec-94</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>42,040</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>144</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>96.9%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>99,800</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Alto Rosario<SUP> (5)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Nov-04</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>28,395</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>146</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>97.9%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;113,731</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>C&#243;rdoba Shopping &#8211;Villa Cabrera </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Dec-06</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15,344</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>107</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>99.8%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>63,221</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Dot Baires Shopping</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>May-09</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>49,848</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>154</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>80%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;373,971</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Soleil Premium Outlet</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Jul-10</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>13,993</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>78</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>99.4%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>83,303</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>La Ribera Shopping</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Aug-11</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9,787</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>61</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>98.7%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>50%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;26,273</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Distrito Arcos<SUP> (6)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Dec-14</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12,127</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>63</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>97.3%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>90.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>243,198</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Alto Comahue<SUP> (7)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Mar-15</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9,547</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>102</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>94.8%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>99.1%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>316,605</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>334,055</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,652</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>98.9%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,184,254</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Notes:</FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(1) </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial"><FONT lang=EN-US color=#000000>Corresponds to gross leasable area in each property. Excludes common areas and parking spaces.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 40pt; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">(2) <FONT lang=EN-US color=#000000>Calculated dividing occupied square meters by leasable area on the last day of the period.</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 40pt; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">(3) Effective interest held by the company in each of its business units.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 40pt; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">(4) <FONT lang=EN-US color=#000000>Cost of acquisition plus improvements, less cumulative depreciation, plus adjustment for inflation, if any. <BR></FONT></FONT></FONT><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><FONT lang=EN-US color=#000000>Amounts are stated in thousands of pesos </FONT>(ARS).</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 40pt; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">(5) Excludes Museo de los Ni&#241;os (3,732 square meters in Abasto and 1,261 square meters in Alto Rosario).</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 40pt; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">(6) Opening on December 18, 2014.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 40pt; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial">(7) Opening on March 17, 2015.</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 14.1pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 14.1pt 0pt 0cm; LINE-HEIGHT: 14pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Cumulative tenants&#8217; sales as of September 30 of fiscal periods 2016 and 2015</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.1pt 0pt 0cm; LINE-HEIGHT: 14pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(ARS million)</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.1pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Shopping Centers</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Var</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Alto Palermo</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>762.4 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>607.1 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>25.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Abasto</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>958.6 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>710.5 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>34.9%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Alto Avellaneda</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>873.4 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>614.1 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>42.2%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Alcorta Shopping</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>407.7 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>314.5 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>29.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Patio Bullrich</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>246.7 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>197.8 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>24.7%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Buenos Aires Design</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>103.0 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>75.4 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Dot Baires</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>717.4 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>548.5 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>30.8%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Soleil</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>292.1 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>201.8 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>44.7%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Distrito Arcos</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>213.5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Alto NOA</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>310.9 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>226.0 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>37.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Alto Rosario</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>593.2 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>402.6 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>47.3%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Mendoza Plaza</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>576.1 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>423.7 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Cordoba Shopping </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>219.7 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>153.0 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>43.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>La Ribera Shopping</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>152.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>84.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>82.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Alto Comahue</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>160.6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>TOTAL</FONT></B><SUP><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(1)</FONT></B></SUP></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>6,588.2</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4,559.0</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>44.5%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt"><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(1) Excludes Distrito Arcos and Alto Comahue: Total IQ 16 (ARS MM) 6,214.1, Var 36.3%.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt; LINE-HEIGHT: 115%"><FONT lang=ES style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 14.1pt 0pt 0cm; LINE-HEIGHT: 14pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Cumulative tenants&#8217; sales as of September 30 of fiscal periods 2016 and 2015</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.1pt 0pt 0cm; LINE-HEIGHT: 14pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(ARS million)</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.1pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Type of Business</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 16</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Anchor Store</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>366.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>297.8 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>23.2%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Clothes and Footwear</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,322.8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,254.1 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>47.4%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Entertainment</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>281.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>182.7 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>54.3%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Home</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>189.8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>135.8 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>39.8%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Restaurant</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>666.5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>450.6 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>47.9%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Miscellaneous</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>733.6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>569.8 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>28.7%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Services</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>94.3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>34.2 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>175.7%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Electronic appliances</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>932.4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>634.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>47.1%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total</FONT></B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif> <SUP>(1)</SUP></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6,588.2</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4,559.0</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>44.5%</FONT></B></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(1) Excluding Distrito Arcos and Alto Comahue: Total IQ 16 (ARS MM) 6,214.1, Var 36.3%.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT size=2></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman">3</FONT><FONT style="DISPLAY: none"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><FONT lang=ES style="FONT-SIZE: 16pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September </FONT></FONT><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">30, 2015</FONT></FONT></P></DIV>

<DIV align=center></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>&nbsp;</DIV>

<P style="MARGIN: 0cm 14.1pt 0pt 0cm; LINE-HEIGHT: 14pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Revenues from cumulative leases as of September 30 of fiscal periods 2016 and 2015</FONT></U></P>

<P style="MARGIN: 0cm 14.1pt 0pt 0cm; LINE-HEIGHT: 14pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(ARS thousand)</FONT></I></P>

<P style="MARGIN: 0cm 14.1pt 0pt 0cm; LINE-HEIGHT: 14pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Detailed Revenues</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>IQ16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>IQ15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1.5pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=white face=Arial,sans-serif>Var %</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Base Rent</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>285,182</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>215,441</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>32.4%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Percentage Rent</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>141,002</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>88,253</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>59.8%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total Rent</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>426,184</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>303,694</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>40.3%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Admission rights</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>45,079</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>34,634</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>30.2%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Fees</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15,745</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>14,135</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11.4%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Parking</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36,904</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>24,799</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>48.8%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8,867</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10,413</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(14.8)%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total Revenues </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>532,779</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>387,675</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>37.4%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman">4</FONT><FONT style="DISPLAY: none"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><FONT lang=ES style="FONT-SIZE: 16pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September </FONT></FONT><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">30, 2015 </FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 7.05pt 0pt 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>III. Offices </FONT></B></P>

<P style="MARGIN: 0cm 7.05pt 0pt 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The A+ office market in the City of Buenos Aires remains robust. According to L.J. Ramos, there has been a slight rise in rental and sale prices of premium spaces during calendar year 2015. Average rental prices stood at USD&nbsp;28 per square meter, whereas the average sale price of premium spaces was USD&nbsp;4,000 per square meter. In contrast, the vacancy rate rose slightly in the City of Buenos Aires during calendar year 2015, reaching 12.3%, 2.3 pp above the rate recorded last year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 14.15pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Rental and Sale Prices of A+ Offices &#8211; City of Buenos Aires</FONT></U></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 14.15pt 0pt 0cm; LINE-HEIGHT: 14pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 7.05pt 0pt 0cm" align=center>
<IMG src="x15111917394600.jpg" width=589 height=360>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 7.05pt 0pt 0cm" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Source: L.J. Ramos</FONT></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 7.05pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="40%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Offices In ARS MM</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap align=center>

   <P style="MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IQ 16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" align=center>

   <P style="MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IQ 15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap align=center>

   <P style="MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>% Var</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>75.1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>81.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(7.3)%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Operating income</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>43.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>54.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(19.4)%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>10.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>14.9%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>EBITDA</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>53.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>62.8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(14.5)%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 7.05pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 7.05pt 0pt 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Revenues from the Offices segment decreased by 7.3% in the first quarter of fiscal year 2016 due to a 15.1% reduction in the leaseable area as a result of the sales made during the period. In addition, the portfolio&#8217;s occupancy recorded a slight decline, down to 96.9% due to the vacancy of a floor in Torre BankBoston and two floors in Suipacha 652/64 which we expect to occupy in the short term. The segment&#8217;s EBITDA dropped by 14.5% during the period compared to the same period of the previous fiscal year due to lower revenues and higher administrative and selling expenses. </FONT></P>

<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The EBITDA margin stood at 71.5% (compared to 77.6% in the IQ15) due to lower revenues from sales made.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="32%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%" noWrap align=center>

   <P style="MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IQ 16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" align=center>

   <P style="MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IVQ 15<SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" align=center>

   <P style="MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IIIQ 15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%" align=center>

   <P style="MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IIQ 15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%" noWrap align=center>

   <P style="MARGIN: 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IQ 15</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="32%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Leaseable area</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>94,862</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>111,678</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>112,575</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>112,621</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>118,788</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="32%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Occupancy</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>96.9%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>98.1%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>98.6%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>98.7%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>98.1%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="32%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Monthly Rent (ARS/sqm)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>243.5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>230.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>223.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>218.1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>215.3</FONT></P></TD></TR>

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   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="32%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Monthly Rent (USD/sqm)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>25.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25.3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25.3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25.5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25.4</FONT></P></TD></TR>

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<P style="MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(1) Includes 9 floors of Intercontinental Building sold on June 30, 2015.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman">5</FONT><FONT style="DISPLAY: none"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><FONT lang=ES style="FONT-SIZE: 16pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September </FONT></FONT><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">30, 2015</FONT></FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The portfolio&#8217;s rental prices rose, reaching USD&nbsp;25.9 per square meter.</FONT></P>

<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 7.05pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Below is information on our offices and other rental properties segment as of September 30, 2015.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(In thousands of ARS)</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></I>&nbsp;</P>

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   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 24.7pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 24.7pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Date of Acquisition</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 24.7pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Leaseable Area sqm <SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 24.7pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Occupancy Rate <SUP>(2)</SUP></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 24.7pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>IRSA&#8217;s Effective Interest</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 24.7pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Book Value <SUP>(3)</SUP></FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Offices</FONT></U></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Edificio Rep&#250;blica </FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(4)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>04/28/08</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>19,885</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>193,459</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Torre Bankboston </FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(4)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>08/27/07</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>14,873</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>94.1%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>137,523</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Bouchard 551</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>03/15/07</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>7,585</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 16.1pt; TEXT-INDENT: -16.1pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Intercontinental Plaza </FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(4)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>11/18/97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>7,467</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>21,769</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Bouchard 710 </FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(4)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>06/01/05</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>15,014</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>60,791</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Dique IV, Juana Manso 295 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>12/02/97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>11,298</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>99.5%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>51,043</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Maip&#250; 1300</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>09/28/95</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>2,998</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>9,914</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Libertador 498</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>12/20/95</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>620</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>3,972</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Suipacha 652/64 </FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(4)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>11/22/91</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>11,465</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>82.8%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>8,272</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Madero 1020</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>12/21/95</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>108</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Dot Building </FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(4)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>11/28/06</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>11,242</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>80%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>125,506</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Subtotal Offices</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>94,862</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>96.9%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>N/A</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>619,942</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Other Properties</FONT></U></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES style="FONT-SIZE: 7pt" face=Arial,sans-serif>Santa Mar&#237;a del Plata S.A.</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>07/10/97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>106,100</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>100.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>12,510</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Nobleza Piccardo<SUP> </SUP></FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(5)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>05/31/11</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>109,610</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>74.8%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>50.0%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>7,425</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Other Properties<SUP> </SUP></FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(6)</FONT></SUP></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>39,232</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>49.2%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>85,190</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Subtotal Other Properties</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>254,942</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>81.3%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>N/A</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>105,125</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>TOTAL OFFICES AND OTHER </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>349,804</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>85.6%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>N/A</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>725,067</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="100%" colSpan=6 noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 11.35pt 0cm 0cm; LINE-HEIGHT: normal"><FONT lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P><FONT style="FONT-SIZE: 8pt"></FONT>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 11.35pt 0cm 0cm; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; Notes:</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top rowSpan=6 width="100%" colSpan=6 noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0cm 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(1) Total leaseable area for each property as of September 30, 2015. Excludes common areas and parking.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0cm 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(2) Calculated dividing occupied square meters by leaseable area as of September 30, 2015.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0cm 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(3) Cost of acquisition, plus improvements, less accumulated depreciation, plus adjustment for inflation, less allowance for impairment.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0cm 40pt; TEXT-INDENT: -14pt"><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>(4) Through IRSA Propiedades Comerciales S.A.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0cm 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(5) Through Quality Invest S.A.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0cm 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(6) Includes the following properties: Ferro, Dot Adjoining Plot, Anchorena 665, Chanta IV, Constituci&#243;n 1111 and Rivadavia 2774.</FONT></P></TD></TR>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="100%" colSpan=6 noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman">6</FONT><FONT style="DISPLAY: none"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><FONT lang=ES style="FONT-SIZE: 16pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September </FONT></FONT><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">30, 2015</FONT></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and Developments</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.15pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>According to the INDEC, the construction business in Argentina grew 5.6% in September 2015 as compared to the same month of 2014, and 2.7% as compared to last August.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.15pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>For the first nine months of calendar year 2015, the construction business recorded a cumulative increase of 7.5%, showing more dynamism than in 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.15pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LETTER-SPACING: 0pt" color=blue face=Arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Sales and Developments in millions of ARS</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IQ 16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IQ 15</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>% Var</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Revenues</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4.8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(47.9%)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Income / (loss) from sale of investment properties</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>389.8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>317.5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>22.8%</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Operating income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>350.0</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>306.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>14.3%</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>EBITDA</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>350.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>306.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>14.3%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.15pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.15pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Sales and Developments segment posted lower revenues compared to the first quarter of 2015, which had recorded transactions for ARS&nbsp;4.8 million mainly due to sales in Condominios del Alto I (Parcel 2G). Operating income and EBITDA increased 14.3% due to higher revenues from sales of investment properties than in the first quarter of 2015, when the company had recorded the sale of Madison 183 in New York and two floors in Maip&#250; 1300 building in the City of Buenos Aires.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.15pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.15pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Below is a detail of the sales of investment properties occurred during the quarter under analysis:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.15pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.2pt 6pt 35.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Maip&#250; 1300 Building, located in the area of &#8220;Retiro&#8221; in the City of Buenos Aires:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> During July and August 2015, 1,761 sqm corresponding to 4 floors of the Maip&#250; 1300 building were sold, at a gain of ARS&nbsp;57.1 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.2pt 6pt 35.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Isla Sirgadero Plot, located in the Province of Santa Fe: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On September 3, the 8,262,600 sqm plot was sold for a total amount of USD&nbsp;4.0 million, at a gain of ARS&nbsp;32.6 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.2pt 6pt 35.7pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -17.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=wingdings>&#252;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Intercontinental Plaza Building, located in the area of &#8220;Montserrat&#8221; in the City of Buenos Aires: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On September 10, our subsidiary IRSA Propiedades Comerciales sold 5,963 sqm comprising seven office floors, 56 parking spaces and 3 storage spaces for a total amount of ARS&nbsp;324.5 million, at a gain of ARS&nbsp;300.0 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.15pt 0pt 0cm; LINE-HEIGHT: 14pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Accumulated sales as of September 30 of the fiscal periods</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.15pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>DEVELOPMENT</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 16</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 15</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>% Var</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Residential apartments</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Condominios I and II <SUP>(1)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,642 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100.0%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Libertador 1703 &amp; 1755 (Horizons) <SUP>(2)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,367</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>55 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,385.5%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other residential apartments <SUP>(3)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,159</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100.0%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Subtotal Residential Apartments</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,526</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,697 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(31.7)%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Residential Communities</FONT></U></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Abril/Baldovinos <SUP>(4)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>646</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>El Encuentro </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>461 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>100.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Subtotal Residential Communities</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,107 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(100.0)%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>TOTAL </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,526</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4,804 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(47.4)%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.2pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 40pt; TEXT-INDENT: -14pt"><FONT lang=ES style="FONT-SIZE: 8pt" face="times new roman">(1) </FONT><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>Through IRSA Propiedades Comerciales S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman">(2) </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Owned by CYRSA S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman">(3) </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Includes the following properties: Units to be received in Beruti through IRSA CP, Torres Jard&#237;n, San Mart&#237;n de Tours, Rivadavia 2768, Terreno Caballito and Lotes Pereiraola through IRSA.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman">(4) </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Includes sale of shares in Abril.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P><FONT style="BACKGROUND: lime; LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>

<a name="_bclFooter159"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman">7</FONT><FONT style="DISPLAY: none"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 16pt" lang=ES-TRAD face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 42.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 42.75pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="COLOR: #ffffff; FONT-SIZE: 6pt" lang=EN-US color=#ffffff face=Arial,sans-serif>Development</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 42.75pt; PADDING-TOP: 0cm" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="COLOR: #ffffff; FONT-SIZE: 6pt" lang=EN-US color=#ffffff face=Arial,sans-serif>Company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 42.75pt; PADDING-TOP: 0cm" width="6%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="COLOR: #ffffff; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 42.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="COLOR: #ffffff; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Date of Acquisition</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 42.75pt; PADDING-TOP: 0cm" width="7%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="COLOR: #ffffff; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Land Area sqm</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 42.75pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="COLOR: #ffffff; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Saleable area sqm<SUP>(1)</SUP></FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 42.75pt; PADDING-TOP: 0cm" width="6%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="COLOR: #ffffff; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Buildable area sqm</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 42.75pt; PADDING-TOP: 0cm" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="COLOR: #ffffff; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Sold<SUP>(2)</SUP></FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 42.75pt; PADDING-TOP: 0cm" width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="COLOR: #ffffff; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Title Deed Executed<SUP>(3)</SUP></FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 42.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="COLOR: #ffffff; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Location</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 42.75pt; PADDING-TOP: 0cm" width="7%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="COLOR: #ffffff; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Accumulated revenues as of September 2015</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 42.75pt; PADDING-TOP: 0cm" width="8%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="COLOR: #ffffff; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Accumulated revenues as of September 2014</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 42.75pt; PADDING-TOP: 0cm" width="5%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="COLOR: #ffffff; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Book Value</FONT></I></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="21%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif>Residential Properties</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="12%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%" colSpan=2>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="6%" colSpan=2>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="9%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="8%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="5%" colSpan=2 noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.55pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.55pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Available for sale</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.55pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.55pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.55pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.55pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.55pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.55pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.55pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.55pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.55pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.55pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.55pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Condominios del Alto I</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>04/30/1999</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>2,082</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>71%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>67%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>Santa Fe</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>3.642</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>21</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Condominios del Alto II</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>04/30/1999</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>5,009</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>96%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>93%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>Santa Fe</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>518</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Caballito Nuevo</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>11/03/1997</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>8,173</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>98%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>98%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>CABA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Barrio Chico</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>03/01/2003</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>3,492</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>99%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>99%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>CABA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>124</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>El Encuentro</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>11/18/1997</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>127,795</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>99%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>461</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=ES face=Arial,sans-serif>Abril Club de Campo &#8211; Plots</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>01/03/1995</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>5,135</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>99%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>99%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>646</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=ES face=Arial,sans-serif>Abril Club de Campo &#8211; Manor House<SUP> (4)</SUP></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>01/03/1995</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>31,224</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>34,605</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>2.357</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Torres Jard&#237;n</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>07/18/1996</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>CABA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>1.159</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Entre R&#237;os 465/9 Apartment</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;Buenos Aires</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Horizons</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>50%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>01/16/2007</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>71,512</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>98%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>1367</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>55</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>2,500</FONT></P></TD></TR>

<TR style="HEIGHT: 14.45pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Intangible &#8211; Units to be received</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>&nbsp;-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>&nbsp;-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>&nbsp;-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>&nbsp;-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Beruti (Astor Palermo)<SUP> (5)</SUP></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>06/24/2008</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>2,632</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>CABA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>32,872</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Caballito Manzana 35</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>10/22/1998</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>8,258</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>CABA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>52,205</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CONIL - G&#252;emes 836 &#8211; Mz. 99 &amp; G&#252;emes 902 &#8211; Mz. 95</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>and stores</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>07/19/1996</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>1,389</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>5,994</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>5,409</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=ES face=Arial,sans-serif>Canteras Natal Crespo (2 commercial parcels)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=ES face=Arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>40,333</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-&nbsp;</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>&nbsp;</FONT></I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Isla Sirgadero</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>02/16/2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>826,276</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Santa Fe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Subtotal Residential Properties</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>899,222</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>268,693</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>5,994</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>2,526</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>4,804</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>96,006</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="21%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif>Land Reserves</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="12%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%" colSpan=2>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="6%" colSpan=2>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="9%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="8%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="5%" colSpan=2 noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Pilar R8 Km 53</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>05/29/1997</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>74,828</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>1,550</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Pontevedra</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>02/28/1998</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>730,994</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>918</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Mariano Acosta</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>02/28/1998</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>967,290</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>804</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Merlo</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>02/28/1998</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>1,004,987</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Buenos Aires</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>639</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Terreno San Luis</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>50%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>03/31/2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>3,250,523</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>San Luis</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>1,584</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Subtotal Land Reserves</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>6,028,622</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>5,495</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="21%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif>Future Developments</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="12%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%" colSpan=2>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="6%" colSpan=2>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="9%" colSpan=2>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="8%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="5%" colSpan=2 noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.8pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.8pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Mixed Uses</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.8pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.8pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.8pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.8pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.8pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>UOM Lujan<SUP> (6)</SUP></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>05/31/2008</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>1,160,000</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Buenos Aires</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>41,972</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>La Adela</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>08/01/2014</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>10,580,000</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Buenos Aires</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>214,594</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Nobleza Picardo<SUP> (7)</SUP></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>50%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>05/31/2011</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>159,995</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>127,996</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Buenos Aires</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>61,130</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Puerto Retiro</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>50%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>05/18/1997</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>82,051</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>22,128</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Solares Santa Mar&#237;a<SUP> (8)</SUP></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>07/10/1997</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>716,058</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>158,951</FONT></P></TD></TR>

<TR style="HEIGHT: 14.45pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Residential</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>&nbsp;-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>&nbsp;-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.45pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>&nbsp;-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Coto Abasto Air Space</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>09/24/1997</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>21,536</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>8,945</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Neuqu&#233;n &#8211; Housing Parcel</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>07/06/1999</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>13,000</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>18,000</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Neuqu&#233;n</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>803</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Uruguay Zetol</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>90%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>06/01/2009</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>152,977</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>62,756</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Uruguay</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>60,295</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Uruguay Vista al Muelle</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>90%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>06/01/2009</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>102,216</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>62,737</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Uruguay</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>41,792</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Pereiraola (Greenville)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>04/21/2010</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>39,634</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Buenos Aires</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>8,200</FONT></P></TD></TR>

<TR style="HEIGHT: 13.45pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.45pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Retail</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.45pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.45pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.45pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.45pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.45pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.45pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.45pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.45pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.45pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.45pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.45pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Caballito Shopping Plot<SUP> (9)</SUP></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>23,791</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Dot Potential Expansion</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>80%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>15,881</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>47,643</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Offices</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Philips Adjoining Plots - Offices 1 &amp; 2</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>80%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>11/28/2006</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>12,800</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>38,400</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>25,336</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Baicom </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>50%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>12/23/2009</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>6,905</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>34,500</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>4,183</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Intercontinental Plaza II<SUP> (10)</SUP></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA CP</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>02/28/1998</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>6,135</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>19,598</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>1,564</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Catalinas Norte Plot</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>IRSA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>100%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>12/17/2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>3,649</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>35,300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>N/A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>CABA</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>109,496</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Subtotal Future Developments</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>13,035,458</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>165,127</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>342,973</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=#7f7f7f face=Arial,sans-serif>-</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face=Arial,sans-serif>759,389</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="21%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif>Total Land Reserves</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="12%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif>19,963,302</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif>433,820</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="6%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif>348,967</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="9%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="7%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif>2,526</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif>4,804</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244061; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="5%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US color=white face=Arial,sans-serif>860,890</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 14pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT style="FONT-SIZE: 10pt" lang=ES face="times new roman"></FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=ES face="times new roman">8</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=ES face="times new roman"></FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><I><U><FONT lang=EN-US color=black face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt">&nbsp;Notes:</FONT></FONT></U></I></B></P></TD></TR>

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   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 40pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14pt"><FONT color=black><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-FAMILY: arial" color=black>(1) </FONT></FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: arial" color=black><FONT lang=EN-US color=black>Saleable Area means the housing square meters proper, including parking and storage spaces. It is recorded at 100%, before making any sales.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 40pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><FONT style="LINE-HEIGHT: 115%" color=black><FONT lang=EN-US color=black>(2) </FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT lang=EN-US color=black>% Sold includes those sale transactions for which there is a Preliminary Sales Agreement, Possession or a Title Deed executed. Includes square meters of housing, parking and storage spaces.</FONT></FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 40pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><FONT style="LINE-HEIGHT: 115%">(3) </FONT><FONT style="LINE-HEIGHT: 115%">% Title Deed Executed includes those sales transactions for which a Title Deed was executed. Includes square meters of housing, parking and storage spaces. </FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 40pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><FONT style="LINE-HEIGHT: 115%">(4) </FONT><FONT style="LINE-HEIGHT: 115%">Saleable Area includes 31,224 sqm of the plot and 4,712.81 total sqm of the Manor House (discounting 1,331.76 sqm of Ground Floor). </FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 40pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><FONT style="LINE-HEIGHT: 115%">(5) </FONT><FONT style="LINE-HEIGHT: 115%">Saleable Area excludes 171 commercial parking spaces to be received and the units as compensation. </FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 40pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><FONT style="LINE-HEIGHT: 115%">(6) </FONT><FONT style="LINE-HEIGHT: 115%">Mixed Used Feasibility requested, pending provincial approval. </FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 40pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><FONT style="LINE-HEIGHT: 115%">(7) </FONT><FONT style="LINE-HEIGHT: 115%">127,996 sqm arise from current laws, a draft project is being made for 479,415 buildable square meters (pending approval). </FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 40pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><FONT style="LINE-HEIGHT: 115%">(8) </FONT><FONT style="LINE-HEIGHT: 115%">Feasibility requested for 716,058 buildable square meters, pending approval from the Legislative body of the City of Buenos Aires. </FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 40pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><FONT style="LINE-HEIGHT: 115%">(9) </FONT><FONT style="LINE-HEIGHT: 115%">Draft project of 71,374 buildable square meters, pending approval of zoning parameters. </FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 40pt; LINE-HEIGHT: 115%; TEXT-INDENT: -14pt"><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><FONT style="LINE-HEIGHT: 115%" color=black><FONT lang=EN-US color=black>(10) 6,135 sqm of surface area correspond to the parcel, which includes Inter I and II. </FONT></FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman">9</FONT><FONT style="DISPLAY: none"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt 21.3pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>V.&nbsp;&nbsp;&nbsp; Hotels</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>According to the International Tourism Report prepared by the INDEC, during the first eight months of fiscal year 2015 3.9 million non-resident tourists arrived in Argentina, a year-on-year decrease of 0.9%. Outbound departures by Argentine citizens reached 5.4 million, a 14.1% increase with respect to the same period of 2014. Our hotels in the City of Buenos Aires maintained their income and occupancy levels during the period, and our Llao Llao premium resort located in the Patagonian city of Bariloche managed to recover from the eruption of the Chilean volcano that had affected the access to the city during the last quarter, causing hotel occupancy rates to decline sharply.</FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Hotels (in millions of ARS) </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IQ 16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" colSpan=2>

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IQ 15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 2.25pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="18%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>% Var</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>110.8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>96.8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>14.5%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Operating income</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(6.9)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(0.2)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,350.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>4.1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>10.8%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="52%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>EBITDA</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2.7)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>3.5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(22.9)%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="36%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%" noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="36%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IQ 16</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IVQ 15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IIIQ 15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IIQ 15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%" noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>IQ 15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="36%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Average Occupancy</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>66.7%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>65.7%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>68.5%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>68.8%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>65.0%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="36%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Average Rate per Room (ARS/night)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,660</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,564</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,625</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,599</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>1,565</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="36%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face=arial,sans-serif>Average Rate per Room (USD/night)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>179</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>182</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>191</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>190</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>188</FONT></P></TD></TR>

<TR>

   <TD width="36%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm; TEXT-INDENT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>During the first quarter of fiscal year 2016, the hotel segment recorded an increase in revenues of around 14.5% due to the higher average portfolio occupancy, which reached 66.7%, and the rise in the average rate. However, Operating Income showed a negative result of ARS 6.9 million mainly due to higher selling and administrative expenses.</FONT></P>

<P style="MARGIN: 0cm 2.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 2.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The following is information on our hotel segment as of September 30, 2015</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>:</FONT></P>

<P style="MARGIN: 0cm 2.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Hotels</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Date of </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Acquisition</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>IRSA&#8217;s </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Interest</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Number </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>of Rooms</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Average </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Occupancy (1)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Average</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Rate</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Book Value</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>(in thousands of ARS)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Intercontinental (3)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>11/01/97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>76.34%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>309</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>66.1%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,269</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>52,861</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Sheraton Libertador (4)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>03/01/98</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>80.00%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>200</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>81.6%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,157</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>30,690</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Llao Llao (5)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>06/01/97</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>50.00%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>205</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>52.9%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>3,154</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>80,280</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>714</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>66.7%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,660</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>163,831</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.25pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Notes:</FONT></U></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=6 width="98%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>1) Cumulative average for the 3-month period.</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>2) Cumulative average for the 3-month period.</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>3) Through Nuevas Fronteras S.A. (IRSA&#8217;s subsidiary).</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>4) Through Hoteles Argentinos S.A.</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>5) Through Llao Llao Resorts S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" rowSpan=6 width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt"></TR>

<TR style="HEIGHT: 11.25pt"></TR>

<TR style="HEIGHT: 11.25pt"></TR>

<TR style="HEIGHT: 11.25pt"></TR>

<TR></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Accumulated sales as of September 30 of the fiscal periods</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Hotels (in thousands of ARS)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>IQ 15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BACKGROUND: #365f91; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>% Var</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Intercontinental (3)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>36,988 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>34,860 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6.1%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Sheraton Libertador (4)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>26,298 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>20,832 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>26.2%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Llao Llao (5)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>47,483 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>41,135 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15.4%</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>110,769 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>96,827 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>14.4%</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman">10</FONT><FONT style="DISPLAY: none"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt 14.2pt; TEXT-INDENT: -14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>VI. International</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Lipstick Building, New York, United States</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Lipstick Building is a landmark building in the City of New York, located at Third Avenue and 53<SUP>th</SUP> Street in Midtown Manhattan, New York. It was designed by architects John Burgee and Philip Johnson (Glass House and Seagram Building, among other renowned works) and it is named after its elliptical shape and red fa&#231;ade. Its gross leaseable area is approximately 57,500 sqm and consists of 34 floors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>As of September 30, 2015, the building reached an occupancy rate of 95.47%, thus generating an average rent of USD&nbsp;65.14 per sqm.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Lipstick</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Sep-15</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Jun-15</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>YoY Var</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Gross Leaseable Area (sqm)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>58,092</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>58,094</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Occupancy</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>95.47%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>91.86%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.6pp</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.25pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Rental price (USD/sqm)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>65.14</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>64.74</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>0.62%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>As of June 30, 2015, we had in place 2 lease agreements for a total additional area of 22,585 square meters, that were effectively occupied in August, causing occupancy to rise to 95.47%. This is the highest occupancy rate since we took possession of the building at the end of 2008.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Finally, since September 2014 there has been an exhibition of part of the work and life of the renowned Argentine architect Cesar Pelli, shown in the southern wing of the lobby. The exhibition was conceived, designed and staged with the close cooperation of this architectural firm.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Investment in Condor Hospitality Inc.</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We maintain our investment in the Condor Hospitality Trust hotel REIT through our subsidiary Real Estate Strategies L.P. (&#8220;RES&#8221;), in which we hold a 66.8% interest. Condor is a REIT listed in Nasdaq focused on medium-class and long-stay hotels located in 21 states of the United States of America, operated by various operators and franchises such as Comfort Inn, Days Inn, Hampton Inn, Holiday Inn, Sleep Inn, and Super 8, among others. During the last months, the company&#8217;s results have shown an improvement in operating levels and it has continued with its strategy of selectively disposing of lower-class hotels at very attractive prices and replacing them with higher-class hotels.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Investment in IDB Development Corporation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On May 7, 2014, a transaction was closed whereby the Group, acting indirectly through Dolphin, acquired, jointly with C.A.A. Extra Holdings Limited, a non-related company incorporated under the laws of the State of Israel controlled by Mordechay Ben Mosh&#233; (hereinafter, &#8220;Extra&#8221;), an aggregate number of 106.6 million common shares in IDBD representing 53.30% of its stock capital, under the scope of the debt restructuring process of IDBD&#8217;s holding company, IDB Holdings Corporation Ltd. (&#8220;IDBH&#8221;), with its creditors (the &#8220;Arrangement&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Under the terms of the agreement entered into between Dolphin and E.T.H.M.B.M. Extra Holdings Ltd., a controlled company of Mordaechay Ben Mosh&#233;, to which Dolphin and Extra adhered (the &#8220;Shareholders' Agreement&#8221;), Dolphin, jointly with other third party investors acquired a 50% interest in this investment, while Extra acquired the remaining 50%. The total investment amount was NIS 950 million, equivalent to approximately US$&nbsp;272 million at the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>exchange rate prevailing on that date. During fiscal year 2015, Dolphin continued investing in IDBD and as of June 30, 2015, IRSA&#8217;s indirect interest in IDBD was approximately 49%.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On August 27, 2015, DIC published a prospectus for the issuance of rights under IDBD&#8217;s and DIC&#8217;s Proposal (as such term is defined in Note 9 to the financial statements) and on September 6, 2015 it issued one right for every 1,000 shares of DIC, exercisable automatically and at no expense on that same day, for 224 Series 3 warrants, 204 Series 4 warrants, 204 Series 5 warrants, and 204 Series 6 warrants each. Each warrant of DIC is convertible into one share of DIC, and has the following features:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3 warrants have an exercise price of NIS 6.54 and are due on December 21, 2015;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4 warrants have an exercise price of NIS 7.183 and are due on December 21, 2016;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5 warrants are due on December 21, 2017. Their exercise price is NIS 7.183 until December 20, 2016 and NIS 7.836 after such date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6 warrants are due on December 21, 2018. Their exercise price is NIS 7.183 until December 20, 2016 and NIS 8.489 after such date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Pursuant to the terms described above, on September 6, 2015 Dolphin received 91,163 Series 3 warrants and 83,023 Series 4, 5 and 6 warrants of DIC.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>As a result of the transactions described above, as of September 30, 2015, Dolphin held an aggregate number of 324,445,664 shares, 15,998,787 Series 3 warrants, 24,897,859 Series 4 warrants, 109,342,966 Series 5 warrants and 97,833,180 Series 6 warrants, accounting for a 49.0% share interest in IDBD. In addition, as of September 30, 2015 Dolphin held 406,978 shares in DIC, 91,163 Series 3 warrants and 83,023 Series 4, 5 and 6 warrants of DIC, accounting for a direct interest of 0.48&nbsp;%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>As of September 30, 2015, IDBD&#8217;s Board of Directors consisted of nine members, three of whom were appointed by Dolphin as regular directors: Eduardo Sergio Elsztain (Chairman), Roni Bar-On (who replaced Alejandro Gustavo Elsztain on July 7) and Sa&#250;l Zang.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>During February and March 2015 Dolphin and Extra started to exchange letters mainly in relation to claims from Extra in connection with the Rights Offering and Extra&#8217;s claim demanding a pro rata acquisition of the shares in IDBD owned by Dolphin and subscribed for under the Rights Offering and all the shares acquired thereafter by IFISA asserting in the latter case the rights under the Shareholders&#8217; Agreement (first refusal).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Based on the foregoing and in accordance with the provisions of the Shareholders&#8217; Agreement with respect to dispute resolution, on April 30, 2015 (the &#8220;Preliminary Hearing&#8221;) arbitration proceedings were initiated in English language, in Tel Aviv, and the Israeli law applies thereto.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The arbitration proceedings were intended to settle the issues referred to above, and application and interpretation of certain clauses of the Shareholders' Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In addition, during such Preliminary Hearing, the parties agreed on the rules and procedures that would govern the conduct of the arbitration proceedings and a schedule for such purposes. Appointment of an arbiter was approved and, as a result, any applicable statutory terms began running thereafter.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On May 28, 2015, before the filing of the arbitration claim, Extra made a preliminary petition to the arbiter that triggered application of the Buy Me Buy You (&#8220;BMBY&#8221;) clause, which establishes that each party to the Shareholders&#8217; Agreement may offer to the counterparty to </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>acquire (or sell, as the case may be) the shares it holds in IDBD at a fixed price; and within 14 days from delivery of the BMBY notice (the &#8220;Notice&#8221;) recipient should let it know whether it desires to sell or acquire the other party&#8217;s shares pursuant to the terms of the Notice,&nbsp;in accordance with the provisions of the Shareholders&#8217; Agreement. In such petition, Extra further added that the purchaser thereunder would be required to assume all obligations of the seller under the Arrangement.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In addition, on June 10 and 11, 2015, Dolphin gave notice to Extra of its intention to buy all the shares in IDBD held by Extra, asserted its defenses and its interpretation about application and construction of the BMBY, establishing that Extra&#8217;s interpretation of such mechanism was erroneous.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>As a result, the parties pursued arbitration to settle their disputes and in respect of the correct interpretation of the BMBY clause,&nbsp;in order to determine, first, who is the purchaser under the BMBY clause, and whether such party will be under the obligation to assume all the obligations of the seller under the Arrangement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>For such purposes, the arbiter decided to divide the arbitration proceedings into two phases: the first one to deal with the disputes related to application and interpretation of the mechanism under the BMBY clause and the second one in relation to the parties&#8217; additional petitions or claims.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Moreover, on June 28 and 30, 2015 Extra filed a motion with the arbiter requesting an injunction preventing changes in IDBD&#8217;s Board&#8217;s composition, as of such date, at IDBD&#8217;s annual shareholders&#8217; meeting that would be held on July 7, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On July 6, 2015, the arbiter granted such injunction, for which reason Dolphin appointed only three directors for the next meeting and could appoint such number of directors until the arbiter issued a final decision about who the purchaser under the BMBY process was.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On September 24, 2015, the arbiter rendered an award whereby Dolphin and IFISA were designated purchasers under the BMBY clause, and therefore, Extra is required to sell to it all the IDBD shares held by it (92,665,925 shares) for a price of NIS 1.64 per share.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On October 11, 2015, the closing of the process on the BMBY clause occurred, and IFISA purchased all the shares held by Extra in IDBD (92,665,925 shares) for a price per share of NIS 1.64. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>As Dolphin is a subsidiary that qualifies as a VCO in accordance with the IAS 28 exemption referred to in Note 2.3 (d), the Company has recorded its interest in IDBD at fair value with changes in the income statement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>As part of the Arrangement, Dolphin and Extra have </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>promised to participate on a joint and several basis in the capital increases resolved by IDBD&#8217;s Board in order to carry out its business plan for 2014 and 2015, for at least NIS300 million in 2014 and NIS&nbsp;500 million in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>As of September 30, 2015, Dolphin has contributed NIS&nbsp;668.6 million in aggregate (NIS&nbsp;400 million of which are creditable against its commitment) and Extra has contributed NIS&nbsp;203.5 million in IDBD. In this way, Dolphin has completed its committed contributions, while IDBD is claiming from Extra, and Dolphin, under its joint and several liability, to pay the balance committed by Extra for an aggregate of NIS&nbsp;196.5 million (equivalent to approximately US$ 50.1 million at the exchange rate prevailing as of September 30, 2015).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Moreover, as part of the Arrangement, Dolphin and Extra promised to participate on a joint and several basis in the Tender Offers for a total amount of NIS&nbsp;512.09 million (equivalent to approximately US$&nbsp;128 million at the exchange rate prevailing as of September 30, 2015) under the following scheme: (i) by December 31, 2015, at least NIS 249.8 million for a price per </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>share of NIS&nbsp;7.798 (value as of September 30, 2015, subject to adjustment) and (ii) by December 31, 2016, for at least NIS&nbsp;512.09 million, less the offer made in 2015, for a price per share of NIS&nbsp;8.188 (value as of September 30, 2015 subject to adjustment). As security for the performance of the Tender Offers, 34,130,119 shares in IDBD were pledged as of September 30, 2015. In addition, as of September 30, 2015, 49,695,135 shares, 23,950,072 Series 4 warrants, 22,752,569 Series 5 warrants and 20,357,561 Series 6 warrants of IDBD held by Dolphin were deposited in escrow as pledge collateral, and are expected to be soon transferred to an account not subject to pledge. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>As of the date of issuance hereof, the Tender Offers have not been consummated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On May 12, 2014, IDBD&#8217;s shares became listed on the TASE. Consequently, all the shares (including the pledged shares) acquired as of to date are deposited in escrow with Bank Leumi Le-Israel as security in compliance with the lock-up provisions set forth in Chapter D of the TASE Regulations, which provide that initially listed shares may not be disposed of for a term of 18 months and allow the release of 2.5% per month beginning on the fourth month since the initial listing date of IDBD&#8217;s shares.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>In this way, pursuant to the TASE&#8217;s regulations, as of September 30, 2015, 5,240,822 shares and 335,715 Series 3 warrants remained deposited as set forth above. The blocking provisions are in place until November 12, 2015.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>In addition, Dolphin promised to inject funds in IDBD, directly or through an affiliated company, for at least NIS&nbsp;256 million and up to NIS&nbsp;400 million, as follows: (i) NIS&nbsp;256 million through the exercise of the New Rights arising from the Rights Offering by Dolphin; (ii) an additional investment (the &#8220;Additional Investment&#8221;) for an amount equivalent to (a) the Maximum Immediate Payment (as such term is defined in note 3 to the financial statements), less (b) the amount received by IDBD under the Rights Offering, excluding the exercise of the new warrants, but in no case for an amount higher than NIS&nbsp;144 million. The Additional Investment will be made by Dolphin or a vehicle controlled by Eduardo Sergio Elsztain exercising additional rights to be acquired by them or, if such rights are not acquired, by participating in another rights offering to be made by IDBD. On February 10, 2015, Dolphin subscribed a total of NIS&nbsp;391.5 million, with a remaining contribution commitment of NIS&nbsp;8.5 million.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>In addition, as set forth in Note 3, Dolphin promised to (i) exercise the Series 4 warrants for a total amount of NIS150 million if so requested by IDBD&#8217;s board within 6 to 12 months of the Rights Offering date; and (ii) exercise the remaining Series 4, 5 and 6 warrants received under the Rights Offering, subject to the satisfaction of two conditions simultaneously: (a) that IDBD and its lenders reach an agreement to amend certain covenants; and (b) that a control permit over Clal is given by the Capital Markets, Insurance and Savings Commissioner of Israel.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On May 6, 2015, Dolphin submitted to IDBD&#8217;s Board a binding and irrevocable proposal that provided, inter alia, that Dolphin (directly or through any vehicle controlled by Eduardo Sergio Elsztain) promised to make a capital contribution for up to NIS 100 million in IDBD, subject to the following conditions, among others:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 53.4pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>That IDBD makes a public offering of its shares under terms acceptable to the market and approved by IDBD&#8217;s Board, for an amount of at least NIS100 million and not to exceed NIS125 million, which offering should be made between October 1, 2015 and November 15, 2015.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 53.4pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The commitment assumed by Dolphin would automatically expire upon the occurrence of any of the following events before the day of the public auction under the public offering: (i) if any of IDBD&#8217;s creditors or any of the representatives of IDBD&#8217;s bondholders files legal actions against IDBD, including a complaint seeking the early or immediate repayment or acceleration of any portion of IDBD&#8217;s debt; (ii) if a meeting of any of IDBD&#8217;s bondholders is called including in its agenda any of the matters set forth in paragraph (ii); (iii) if IDBD receives capital contributions for a total amount of NIS100 million in any manner, whether through a rights offering, the exercise of warrants, a private or public placement, and if such contributions are made by Dolphin directly or through any vehicle controlled by Eduardo Sergio Elsztain (apart from the capital contributions creditable against the NIS158.5 million obligation under Dolphin&#8217;s irrevocable proposal dated December 29, 2014), or by any other individual or legal entity, or the investor public, and at any event when the aggregate amount of such capital contributions under paragraph 5 (d) (iii) of the proposal so submitted is lower than NIS100 million, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Dolphin&#8217;s commitment under Section </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>5 (c) above would be reduced accordingly; or (iv) if an adverse event or change occurs in IDBD or its control structure or in any of its material affiliates.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On May 7, IDBD&#8217;s Board approved the proposal.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; LINE-HEIGHT: 14pt; TEXT-INDENT: 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On June 29, 2015, Dolphin submitted an irrevocable proposal to IDBD and DIC (the &#8220;Proposal Sent to IDBD and DIC&#8221;) which offered that, subject to its approval by the Boards of Directors of both companies, DIC would start as soon as possible a rights offering for up to approximately NIS&nbsp;500 million (&#8220;DIC&#8217;s Rights Offering&#8221;) (equivalent to US$ 127.4 million at the exchange rate prevailing as of September 30, 2015). Under DIC&#8217;s Rights Offering, each shareholder of DIC would receive, for no consideration, DIC&#8217;s right units consisting of 4 series of warrants issued by DIC (which would be registered for trading in the TASE), each of which would be exercisable for one common share of DIC (&#8220;DIC&#8217;s Warrants&#8221;), with the following features:</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 53.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>DIC&#8217;s Warrants would be divided into 4 series, and the exercise price of each of such series would be approximately NIS&nbsp;125 million, as follows:</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 89.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The first series of warrants would be exercisable until December 21, 2015, for a price to be determined based on acceptable market conditions and after consultation with capital market experts, but in no case for a higher price than NIS&nbsp;6.53 (&#8220;DIC&#8217;s #1 Warrants&#8221;). </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 89.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The second series of warrants would be exercisable until December 21, 2016, for an exercise price equivalent to 110% of DIC&#8217;s #1 Warrants&#8217; exercise price.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 89.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The third series of warrants would be exercisable until December 21, 2017, for an exercise price of: (i) 110% of DIC&#8217;s #1 Warrants&#8217; exercise price, in the event they are exercised before December 21, 2016; or (ii) 120% of DIC&#8217;s #1 Warrants&#8217; exercise price if they are exercised between December 21, 2016 and December 21, 2017.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 89.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The fourth series of warrants would be exercisable until December 21, 2018, for an exercise price of: (i) 110% of DIC&#8217;s #1 Warrants&#8217; exercise price, in the event they are exercised before December 21, 2016; or (ii) 130% of DIC&#8217;s #1 Warrants&#8217; exercise price if they are exercised between December 21, 2016 and December 21, 2018.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 53.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>As part of DIC&#8217;s Rights Offering, IDBD would promise to exercise all DIC&#8217;s #1 Warrants issued in favor of IDBD, for a total amount of approximately NIS92.5 million (&#8220;IDBD&#8217;s Investment Amount&#8221;) by December 21, 2015, provided that the following conditions had been satisfied as of such date:</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 89.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>IDBD should have the written consent of IDBD&#8217;s main lenders for IDBD to exercise DIC&#8217;s #1 Warrants issued in DIC&#8217;s favor under DIC&#8217;s Rights Offering.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 89.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>IDBD should have conducted and completed a Rights Public Offering (as such term is defined below), under which it should have raised an amount of at least NIS&nbsp;200 million.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 89.45pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>IDBD should have received the written consent of its main lenders in order for any amount injected as capital in IDBD after the date of such proposal in excess of NIS 100 million and up to NIS350 million, to be used at any time for injection from IDBD into DIC, through any capital injection mechanism.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 35.45pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>In turn, Dolphin proposes the following to IDBD:</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 96.95pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -25.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="adobe garamond pro">-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>IDBD&#8217;s public offering amount under Dolphin&#8217;s proposal dated May 6 would be increased by at least NIS100 million and up to NIS&nbsp;125 million (the &#8220;Rights Public Offering under the Proposal to IDBD and DIC&#8221;). In other words, the total amount would be increased from a minimum of NIS&nbsp;100 million to a maximum of NIS 200 million, and the maximum amount would be increased from a maximum of NIS&nbsp;125 million to a maximum of NIS250 million (the &#8220;Total Increased Amount&#8221;).</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 96.95pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -25.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="adobe garamond pro">-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Therefore, Dolphin&#8217;s obligation to participate in the Rights Public Offering under the Proposal to IDBD and DIC would be increased (compared to the proposal dated May 6, 2015) by an amount equal to the difference between the Total Increased Amount and the total amount of commitments received, always provided that such amount were not higher than NIS&nbsp;200 million (the &#8220;Capital Contribution Amount&#8221;).</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 96.95pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -25.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="adobe garamond pro">-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The approval of this proposal would constitute IDBD&#8217;s confirmation and approval that all of Dolphin&#8217;s commitments under this proposal implied the full and complete settlement of its remaining obligations to inject NIS&nbsp;8.5 million in IDBD, pursuant to Dolphin&#8217;s irrevocable proposal dated December 29, 2014.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt 96.95pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -25.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="adobe garamond pro">-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Dolphin&#8217;s commitment would automatically expire upon the occurrence of any of the following events: (i) if any of DIC&#8217;s creditors or any of the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>trustees of DIC&#8217;s bonds filed any legal action against DIC, including a complaint seeking the early repayment or acceleration of any portion of DIC&#8217;s debt; and/or (ii) if any meeting of DIC&#8217;s bondholders included in its agenda any one or more of the following matters: (a) appointment of advisers (financial, legal or otherwise); (b) appointment of a committee of representatives of DIC&#8217;s bondholders; (c) filing of any legal action against DIC); and/or (d) complaints for early or immediate repayment of any portion of DIC&#8217;s debt, or any similar discussion.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>




<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 12pt; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The Proposal to IDBD and DIC was binding and irrevocable, and it was valid up to July 13, 2015 and expired on such date if the Boards of IDBD and DIC did not accept it and approve it unconditionally. The Proposal to IDBD and DIC was approved by IDBD&#8217;s Board of Directors on July 16, 2015.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On July 9 and 16, 2015, Dolphin submitted explanations on the Proposal to IDBD and DIC. The explanations made on July 9 were mainly the following:</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 53.45pt; LINE-HEIGHT: 115%; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The termination or the expiration of the Proposal to IDBD and DIC would not derogate the commitments undertaken by Dolphin in the proposal filed by Dolphin to IDBD on May 6, 2015 (as described in Note 9 &#8211; Interest in Associates, to the Financial Statements), always provided that such commitments continued to be in full force and effect subject to the proposed terms, or Dolphin&#8217;s remaining commitment to inject NIS 8.5 million in IDBD according to the irrevocable proposal dated December 29, 2014.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 53.45pt; LINE-HEIGHT: 115%; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>An additional condition would be added to the Proposal to IDBD and DIC whereby if Dolphin&#8217;s interest in the Rights Offering were lower than NIS 8.5 million, Dolphin would remain required to inject in IDBD the result from subtracting NIS 8.5 million from the amount actually injected by Dolphin in such opportunity.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 53.45pt; LINE-HEIGHT: 115%; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>IDBD would replace its commitment to exercise DIC&#8217;s Series 1 warrants for NIS 92.5 million with the commitment to exercise the Series 1 warrants for at least the amount that resulted from subtracting: (a) the Capital Contribution Amount (as defined in note 9 &#8211; Interest in Associates, to the Financial Statements), and (b) NIS 100 million, always provided that such amount did not exceed NIS 92.5 million.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On July 13, 2015, Dolphin extended the expiration of the Proposal to IDBD and DIC until July 16, 2015.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Moreover, on July 16, 2015, Dolphin submitted additional explanations on the Proposal to IDBD and DIC dated June 29, 2015 and July 9, 2015, mainly consisting of the following:</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 53.45pt; LINE-HEIGHT: 115%; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Dolphin agrees that the new shares to be acquired by Dolphin or any entity controlled by Eduardo Sergio Elsztain under the public offering of shares to be made by IDBD during October 2015 do not entitle him to take part in the Tender Offer (as such term is defined in Note 3 to the Financial Statements) always provided that such new shares are still held by Dolphin or an entity controlled by Eduardo Sergio Elsztain. This notwithstanding, nothing will prevent Dolphin and/or the entity controlled by Eduardo Sergio Elsztain that holds such new shares to be acquired under the public offering to be made in October 2015 by IDBD from freely disposing of them.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On July 16, 2015 IDBD&#8217;s Board of Directors resolved to approve a capital increase through a public offering pursuant to the terms proposed by Dolphin in the Proposal to IDBD and DIC and to exercise DIC&#8217;s warrants, all based on Dolphin&#8217;s irrevocable commitment to take </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>part in the referred capital increase. IDBD plans to make the public offering between October and November 2015, subject to IDBD&#8217;s corporate approvals, other legal consents required and the fact that exercise of DIC&#8217;s warrants may be made under the terms and conditions set forth in Dolphin&#8217;s proposal.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>




<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Besides, on July 16, 2015, DIC&#8217;s Board of Directors accepted the Proposal to IDBD and DIC, and instructed its management to take all steps necessary for conducting a rights offering pursuant to Dolphin&#8217;s proposal.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On August 27, 2015, DIC published the prospectus for the issuance of rights, and on September 6, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>201<FONT style="FONT-SIZE: 10pt" face=Arial>5</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>, DIC issued 4 series of warrants to its shareholders.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>As of the filing date of the financial statements, IDBD had not completed the capital injection in DIC.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On August 16, 2015, the Arrangement Trustees filed a request before the competent court (as amended on September 9, 2015) (the &#8220;Arrangement Trustees Request&#8221;), adding Dolphin and IFISA as interested parties, for the court to determine that: (a) IFISA would be bound by the commitments related to the Tender Offer under the same terms as Dolphin; (b) the shares held by any other company controlled by Eduardo Sergio Elsztain (including Dolphin) would not be eligible to participate in the Tender Offers; and (c) the shares held by any company under Eduardo Sergio Elsztain&#8217;s control (including Dolphin) and transferred to other entities would not be eligible to participate in the Tender Offer either.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On September 29, 2015 the Arrangement Trustees filed with the competent court a request for it to issue a temporary order preventing Dolphin, IFISA and others from entering into any transaction involving shares of IDBD until the court rendered a decision on the Arrangement Trustees Request. After fiscal year-end, Dolphin and IFISA filed responses in this regard, as set forth in the Note to the financial statements entitled &#8220;Subsequent Events&#8221;.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Subsequent Events:</FONT></U></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On October 1, 2015, Dolphin and IFISA filed with the court their response to the Arrangement Trustees Request. Dolphin motioned that the court should dismiss the Arrangement Trustees Request based on the following grounds: (a) IFISA is not required to perform Dolphin&#8217;s obligations, in accordance with the Arrangement; (b) IFISA and any other company controlled by Eduardo Sergio Elsztain are eligible to take part as offerors under the Tender Offers in accordance with the Arrangement; and (c) the Arrangement Trustees&#8217; Request on the eligibility of the shares that would participate in the Tender offers should be dismissed. Moreover, Dolphin promised that at the time BMBY&#8217;s closing was consummated, 106.6 million shares in IDBD held by it would not participate as offerors under the Tender Offers, always provided that such shares are held by entities controlled by Eduardo Sergio Elsztain.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On October 7, 2015, the Arrangement Trustees filed in court their response to Dolphin and IFISA with reference to the Arrangement Trustees Request.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On October 11, 205 the closing of the process related to the BMBY clause took place, and IFISA acquired all the shares held by Extra in IDBD (92,665,925 shares), at a price per share of NIS1.64. As of the closing of the transaction, all the directors appointed by Extra in IDBD tendered their irrevocable resignation to the Board of Directors, and the Shareholders&#8217; Agreement automatically became ineffective, in accordance with its terms. Moreover, on that same date, Dolphin pledged additional shares as security for complying with the Tender Offers, causing the number of pledged shares to increase to 64,067,710.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On October 19, 2015, Dolphin and IFISA filed in court their response to the Arrangement Trustees Request, whereby, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>inter alia,</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif> Dolphin made it clear that as purchaser under the Tender Offers, it does not intend, and will not, participate as seller under the Tender Offers. However, according to Dolphin&#8217;s position, any other shareholder of IDBD, including any entities controlled by Eduardo Sergio Elsztain, is entitled to be offeror under the Tender Offers, and additionally, Dolphin is entitled to sell shares to third parties (including any entities controlled by Eduardo Sergio Elsztain), and such sold shares are entitled to be offerors under the Tender Offers, all the foregoing without derogating Dolphin&#8217;s commitment whereby 106.6 million shares would not </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>participate in the Tender Offers for as long as they are held by any companies controlled by Eduardo Sergio Elsztain.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>




<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On October 20, 2015, the Tel Aviv-Jaffo court allowed a request by the Arrangement Trustees in the sense that IDBD&#8217;s shares held by any company controlled by Eduardo Sergio Elsztain will not be entitled to participate in the Tender Offers in accordance with the Arrangement. This notwithstanding, it arises from the ruling that the shares purchased by Dolphin in the market would be entitled to be sold in the market and such shares would be eligible for participating in the Tender Offers, as defined below.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The court dismissed the Arrangement Trustees&#8217; motion that it be established that IFISA was bound under all the commitments set forth in the Arrangement conditions, but held that Dolphin had breached its commitment to cause IFISA to be bound under the same conditions as those set forth in the Arrangement. Dolphin and IFISA reported to IDBD that they intend to appeal against the court&#8217;s decision.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On October 26, following the court&#8217;s decision dated October 20, 2015, and its declaratory opinion, Dolphin and IFISA sent a letter stating that, according to their position and pursuant to the detail included in it: (a) the proviso established by the court whereby the shares acquired from minority shareholders and later held by IFISA is applicable to 127,441,396 shares of IDBD held by IFISA and 131,600 shares of IDBD held by DFL, which should be entitled to participate as offerors under the Tender Offers; and (b) with respect to 51,760,322 additional shares of IDBD then held by Dolphin, derived from purchases from minority shareholders of IDBD, Dolphin and IFISA consider that according to the court&#8217;s opinion, such shares are not entitled to participate as offerors under the Tender Offers only for as long as they are held by Dolphin, but Dolphin is not prevented from selling such shares to a third party, in which case such third party will be entitled to participate as offeror under the Tender Offers with respect to such shares.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On October 29, 2015, the Arrangement Trustees filed an urgent request seeking a determination of presumed contempt against the decision ordering Dolphin and IFISA to follow the orders issued by the court on October 20, 2015, alleging that Dolphin and IFISA&#8217;s letter published by IDBD on October 27, 2015, reporting the number of shares purchased from IDBD&#8217;s minority shareholders under transactions made in the capital markets, was contrary to the court&#8217;s decision and that therefore, Dolphin and IFISA were acting in contempt of court. The Arrangement Trustees also argued that since Dolphin and IFISA were deliberately ignoring the court&#8217;s decision, and considering the damage that was being caused to the public each day, including the Arrangement&#8217;s creditors, the court should impose a penalty for a material amount to be defined by the court for each day on which Dolphin and IFISA ignored the court&#8217;s decision.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On October 29, 2015, Dolphin and IFISA filed an appeal with the Supreme Court against the court&#8217;s decision dated October 20, 2015, and also requested that the appeal hearing be held urgently. The appeal hearing is scheduled to take place on December 16, 2015.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>On November 2, Dolphin and IFISA filed their response to this request, asking the court to dismiss the request based on the fact that Contempt of Court Orders do not apply to declaratory opinions and because Dolphin and IFISA did not violate any order from the court. On November 4, 2015, the Arrangement Trustees filed a replication against Dolphin and IFISA, and on November 5, the court denied the request for declaring Dolphin and IFISA in contempt. However, the court held that Dolphin and IFISA&#8217;s interpretation of the exception to the decision dated October 20, 2015 contained in Dolphin and IFISA&#8217;s letter was contrary to the scope of the exception. </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Also on November 5, the Arrangement Trustees sent a letter to Dolphin and IFISA demanding that after the court&#8217;s decision of that same day, they should amend the letter and should report to the Israel Securities Authority and IDBD that the Tender Offers would be addressed to the minority shareholders of IDBD, and that neither Dolphin, nor IFISA or any company controlled by Eduardo Sergio Elsztain would be offerors under the Tender Offers, and that any shares transferred by them to third parties would not be eligible for participating in the Tender Offers as offerors either. In addition, on that same day, the Arrangement Trustees sent a letter to IDBD demanding it to amend Dolphin and IFISA&#8217;s letter under the same terms described above.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The Company is analyzing the impact of the court&#8217;s decision dated October 20, 2015 on the financial statements and its defense strategy, as well as the impact of the termination of the BMBY process with IFISA as purchaser of Extra&#8217;s shares.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>As of November 9, 2015, 33,825,397 shares of IDBD held by Dolphin are blocked under the TASE&#8217;s regulations (lock-up provisions) until and including November 11, 2015, when these lock-up provisions expire.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 11.35pt 6pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 35.45pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Change in Valuation Method of the Investment in IDB Development Corp.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 11.35pt 6pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>As described in Note 3 to the annual consolidated financial statements as of June 30, 2015 and for the fiscal year then ended, the Group has valued its investment in IDBD at fair value, applying the exception contemplated under IAS 28 (see Note 2 for further details). The investment in IDBD consists of 324 million common shares representing 49% of IDBD&#8217;s stock capital and 248 million warrants to purchase common shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 11.35pt 6pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Until June 30, 2015, the Group estimated that the quoted price of IDBD&#8217;s shares in the Tel Aviv Stock Exchange represented the fair value of its investment and therefore, it valued its investment based on such price, classifying this measurement as Level 1.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 11.35pt 6pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>As mentioned in Note 9 to the consolidated financial statements, as part of the Arrangement, Dolphin promised to make one or more Tender Offers for the purchase of IDBD&#8217;s outstanding shares at a fixed price for a total amount of NIS 512.09 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 11.35pt 6pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On October 20, 2015, a first instance judge of the Tel Aviv-Jaffo Court allowed a request filed by the trustees representing the Creditors under the Arrangement and ruled that the shares held by Dolphin or any company controlled by Eduardo S. Elsztain could not participate in the Tender Offers scheduled for December 2015 and December 2016. Dolphin decided to appeal against the ruling before the Supreme Court of Justice of Israel.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 11.35pt 6pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Although IDBD&#8217;s capital is composed of a single class of common shares entitled to the same rights, from the above mentioned ruling it could be inferred that two classes of shares with different rights are created in the facts: one class that would be eligible for participating in the Tender Offers and another class belonging to any company controlled by Eduardo S. Elsztain that would not be eligible to such end. This would imply that the share&#8217;s quoted price (which contains a value embedded component due to the commitment to future Tender Offers) would not be representative as such for purposes of valuing the equity interest held by Dolphin.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 11.35pt 6pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>It is the Company&#8217;s policy to recognize transfers to and from different levels in the fair value hierarchy under IFRS 13 as of the date of the event or change in the circumstances that lead to such transfer. Based on the circumstances described above, the Company considers that it should depart from the quotation (Level 1 valuation) and should use a valuation model with unobservable inputs (Level 3 valuation) to estimate the fair value of its investment in IDBD.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 11.35pt 6pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>To such end, the Company developed an internal valuation model based on a Black-Scholes model that determines the Tender Offer component value embedded in the share&#8217;s quoted price and subtracts it in order to determine a fair value for the investment. In addition, the model weighs the occurrence probabilities for different scenarios. The valuation of its investment in IDBD has been considered to be Level 3 because it uses significant unobservable inputs, including, without limitation, probability, interest rate and volatility for purposes of determining the fair value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 11.35pt 6pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Based on the opinion of its legal counsel, Dolphin considers that it has chances of reversing the first instance ruling at the Supreme Court of Justice. Dolphin has assigned equal probabilities to either succeeding in or losing the appeal. In the event that Dolphin is not successful in its appeal, the Company considers that the Supreme Court ruling could open an array of possibilities regarding the number of shares that could participate in the Tender Offers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 11.35pt 6pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In this way, the valuation model used to determine the investment&#8217;s fair value considers the following scenarios: </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">20</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 11.35pt 6pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Scenario 1: </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 11.35pt 6pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Company has a 50% chance of succeeding in its appeal against the ruling before the Supreme Court of Justice and, therefore, all the shares held by Dolphin and any other company controlled by Eduardo S. Elsztain may participate in the Tender Offers. This situation implies a status quo with respect to the valuation method as of June 30, 2015 and therefore, the quoted value of IDBD&#8217;s shares would only be affected for purposes of valuing the Company&#8217;s investment to the extent of the difference in quotation between June 30, 2015 and September 30, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 11.35pt 6pt 0cm; LINE-HEIGHT: normal; TEXT-INDENT: 35.45pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Scenario 2: </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.45pt 6pt 0cm; TEXT-INDENT: 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Company has a 50% chance of not succeeding in its appeal against the ruling before the Supreme Court of Justice. This scenario opens up into different sub-scenarios depending on the number of shares held by Dolphin or other companies controlled by Eduardo S. Elsztain that could participate in the Tender Offers. The ruling could prohibit all the shares held by Dolphin or any other company controlled by Eduardo S. Elsztain to participate or could determine different numbers of shares eligible for participating in the Tender Offers. Therefore, the Company has assigned different occurrence probabilities to the sub-scenarios within Scenario 2 based on the number of IDBD shares held by it that could participate in the Tender Offers.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The significant inputs used in measuring the fair value of the investment in IDBD are the following:</FONT></P>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Rate in ILS</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>8.09&nbsp;%</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>IDBD Spot Price</FONT></P></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>ILS 2.16</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>USD ILS exchange rate</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3.92</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>USD ARS exchange rate</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>9.42</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Stock volatility</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>70.6&nbsp;%</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Risk-free rate in ILS as of 12/31/2015</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>0.02&nbsp;%</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Risk-free rate in en ILS as of 12/31/2016</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>0.10&nbsp;%</FONT></P></TD></TR></TABLE></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The probability scenarios in sub-scenario 2 are sensitive to the number of shares that may participate in the Tender Offers and therefore, they influence on the determination of the share&#8217;s fair value.</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The following table shows the changes in fair value measurements classified as Level 3: </FONT></P>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Investment in associates</FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>IDBD</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Balances as of June 30, 2015</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>-</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Transfers to Level 3</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>1,529</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Translation difference</FONT></P></TD>

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   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>46</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Total loss recognized for the period</FONT></P></TD>

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   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(558)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Balances as of September 30, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 8.3pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.3pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,017</FONT></P></TD></TR></TABLE></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=ES style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">2</FONT>1</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 6pt 0cm; TEXT-INDENT: 1cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The warrants for the purchase of common shares in IDBD have been valued at their quoted price for considering it to be representative of their fair value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 2.45pt 0pt 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>VII. Financial Transactions and Other</FONT></B></P>

<P style="MARGIN: 0cm 2.45pt 0pt 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 70.2pt 0cm 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Interest in Banco Hipotecario S.A. (&#8220;BHSA&#8221;) through IRSA</FONT></B></H3>

<P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>BHSA is a leading bank in the mortgage lending segment, in which IRSA held a 29.99% interest as of September 30, 2015 (excluding portfolio shares). The investment in Banco Hipotecario generated results for ARS&nbsp;68.6 million during the first quarter of 2016, 58.5% higher than in the same quarter of 2015. For further information please refer to </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">http://www.cnv.gob.ar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> or </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">http://www.hipotecario.com.ar</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>VIII. EBITDA by segment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>3M 16</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Shopping Centers</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Offices</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Sales and Developments</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Hotels</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>International</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Financial Transactions and Other</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Operating income / (loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>377.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>43.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>350.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(6.9)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(33.5)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(0.6)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>730.6</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Depreciation and Amortization</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>41.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>10.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>4.1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>0.1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>55.9</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>EBITDA</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>419.6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>53.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>350.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(2.7)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(33.4)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(0.6)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>786.6</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>3M 15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Shopping Centers</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Offices</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Sales and Developments</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Hotels</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>International</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Financial Transactions and Other</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #376091; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=white face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Operating income / (loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>273.8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>54.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>306.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(0.2)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>2.8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>8.4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>645.2</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>Depreciation and Amortization</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>31.1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>8.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>3.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>0.1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>43.6</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>EBITDA</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>304.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>62.8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>306.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>3.5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>2.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>8.4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>688.7</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>EBITDA Var</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>37.6%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(14.5)%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>14.3%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(177.1)%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(1,251.7)%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>(107.1)%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 7pt" color=black face=Arial,sans-serif>14.2%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>IX. Reconciliation with Consolidated Income Statement (ARS million)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Below is an explanation of the reconciliation of the company&#8217;s income by segment with its consolidated income statement. The difference lies in the presence of joint ventures included in the segment but not in the income statement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Total Segment</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Joint Ventures *</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Common Maintenance Expenses and Common Advertising Fund</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Intersegment eliminations</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Income Statement</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Revenues from sales, leases and services</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>721.3 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(7.2)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(0.5)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>713.6 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Revenues from common maintenance expenses and common advertising fund</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>255.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(0.2)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>255.0</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Costs</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(179.7)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3.7 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(259.1)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(435.1)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Gross Profit /(Loss)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>541.6 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(3.5)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(3.9)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(0.7)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>533.5 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Income from sale of investment properties</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>389.8</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>389.8</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(132.4)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.3 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(131.1)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(55.4)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.4 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(54.9)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other operating income, net</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(12.9)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.2 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(0.3)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(13.0)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Operating income</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>730.7 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(2.6)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(3.9)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.1</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>724.3 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="39%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Income / (loss) from interests in associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(493.2) </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.8 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(491.4) </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="39%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Income before financial income / (loss) and income tax</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>237.5 </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(0.8) </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(3.9)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.1</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>232.9 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 40pt; TEXT-INDENT: -14pt"><FONT lang=ES style="FONT-SIZE: 8pt" face=Arial,sans-serif>*Includes Puerto Retiro, Baicom, CYRSA, Nuevo Puerto Santa Fe and Quality (Predio San Mart&#237;n).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">22</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 18pt"><FONT lang=ES style="FONT-SIZE: 12pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 2.45pt 0pt 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>X. Financial Debt and Other Indebtedness</FONT></B>&nbsp;<FONT lang=ES style="FONT-SIZE: 8pt" face="Times New Roman">&nbsp;</FONT></P>

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<P style="MARGIN: 0cm 2.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Consolidated Financial Debt as of September 30, 2015:</FONT></P>

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   <P style="VERTICAL-ALIGN: baseline; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt; LINE-HEIGHT: 18pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Type of Debt</FONT></B></P></TD>

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   <P style="VERTICAL-ALIGN: baseline; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt; LINE-HEIGHT: 18pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Currency</FONT></B></P></TD>

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   <P style="VERTICAL-ALIGN: baseline; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt; LINE-HEIGHT: 18pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Amount (USD MM)<SUP>1</SUP></FONT></B></P></TD>

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   <P style="VERTICAL-ALIGN: baseline; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt; LINE-HEIGHT: 18pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Interest Rate</FONT></B></P></TD>

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   <P style="VERTICAL-ALIGN: baseline; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt; LINE-HEIGHT: 18pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>Maturity</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Short term debt<SUP> (2)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ARS </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>72.2</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Variable </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&lt; 30 d</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Short term bank loan</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10.6</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>23.00%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Dec-15</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>IRSA&#8217;s Series I Tranche I Notes</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>USD </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>150.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8.50%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Feb-17</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>IRSA&#8217;s Series II Tranche II Notes<SUP>(3)</SUP> </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>USD </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>150.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11.50%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Jul-20</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>IRSA&#8217;s Series III Tranche VI Notes</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ARS </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.1</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Badlar + 450 bps</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Feb-17</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Loan agreements<SUP> (5)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>USD</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Variable</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Jun-16</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other loans</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15.25%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Dec-16</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Nuevas Fronteras Mortgage 5600 Loan</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Variable</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Dec-17</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>IRSA&#8217;s total debt<SUP>(5)</SUP></FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>385.2</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Series I notes<SUP>(4)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>USD</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>120.0</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7.88%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>May-17</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>IRSA CP&#8217;s Series I Notes</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>43.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>26.5% / Badlar + 400 bps</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Mar-17</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Short term debt <SUP>(2)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>21.5</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Variable</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Short term bank loan</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15.4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>23.00%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Sept-16</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Syndicated loan - Arcos</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15.01%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Nov-15</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Syndicated loan - Neuqu&#233;n</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3.9</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15.25%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Jun-16</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Com. 5319 loan</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.3</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15.01%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Dec-15</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other loans</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ARS</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Asset purchase debt<SUP> (5)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>USD</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>246.4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8.50%</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Jul-20</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>IRSA CP&#8217;s Total Debt<SUP>(5)</SUP></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>USD</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>208.1</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total Consolidated Debt</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>597.5</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Consolidated cash</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>74.1</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Debt repurchase</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>16.2</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net Consolidated Debt</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>503.0</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BORDER-BOTTOM: windowtext 2.25pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 2.45pt 0pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom rowSpan=5 width="100%">

   <P style="MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(1) </FONT><FONT style="FONT-SIZE: 8pt"><FONT lang=EN-US color=#000000 face=Arial,sans-serif></FONT><FONT lang=EN-US face=Arial,sans-serif>Principal face value in USD at an exchange rate of 9.422 ARS = 1 USD, without considering accrued interest or elimination of balances with subsidiaries.</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif> Includes bank overdrafts and repo transaction.</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif> As of September 30, 2015, IRSA CP holds bonds for a principal amount of USD&nbsp;5.6 million, ERSA holds bonds for a principal amount of USD&nbsp;1.4 million and RITELCO holds bonds for a principal amount of USD&nbsp;3.5 million.</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(4)</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif> As of September 30, 2015, IRSA CP holds bonds for a principal amount of USD&nbsp;1.6 million, IRSA holds bonds for a principal amount of USD&nbsp;4.0 million and ERSA holds bonds for a principal amount of USD&nbsp;0.1 million.</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 40pt; TEXT-INDENT: -14pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(5)</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif> Excludes: account receivable from IRSA CP pursuant to the transfer of assets for USD&nbsp;246.4 million made on December 23, 2014 and the loan for USD&nbsp;4.2 million between IRSA and IRSA CP as it is a related party.</FONT></P></TD></TR>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>XI. </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Subsequent Events</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><U><FONT lang=ES style="FONT-SIZE: 10pt" face=Arial,sans-serif>October 2015 &#8211; Loan granted to Inversiones Financieras del Sur S.A.</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=ES style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On October 9, 2015, the Company granted a loan for USD&nbsp;40 million to Inversiones Financieras del Sur S.A. (&#8220;IFISA&#8221;), a company indirectly controlled by Eduardo Sergio Elsztain. The term of the loan is one year as from the date of disbursement and it will accrue interest at a rate of 3% + Libor 1M to be determined on a monthly basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>October 2015 &#8211; General Ordinary and Extraordinary Shareholders&#8217; Meeting</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>On October 30, 2015, the Company&#8217;s annual shareholders&#8217; meeting for the fiscal year ended June 30, 2015, was held. The following resolutions were adopted, inter alia:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Appointment of new Supervisory Committee and Board of Directors&#8217; members.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Approval of compensation payable to the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">23</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 36pt; LINE-HEIGHT: 14pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Approval of delegation on the Board of Directors of the powers to determine the terms and conditions of the Global Program for the Issuance of simple, non-convertible, secured or unsecured or secured Notes for up to USD&nbsp;300,000,000 currently outstanding.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Furthermore, the shareholders resolved to adjourn the meeting until November 26, 2015 in order to deal with the treatment and allocation of net income for the fiscal year ended June 30, 2015 and the consideration of payment of a cash dividend for up to ARS&nbsp;72 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>November 2015 &#8211; Sale of offices / parking spaces in Maip&#250; 1300 Building</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Company sold an unrelated portion of 864 square meters consisting of two office floors and 4 parking units in Maip&#250; 1300 Building, located in the area of Retiro, City of Buenos Aires. The sale price was USD&nbsp;3.0 million and the transaction resulted in a profit before taxes of approximately ARS&nbsp;25.9 million. The Company retains an area of 2,134 square meters in the building.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>XII. Comparative Summary Consolidated Balance Sheet Data</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>09.30.15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>09.30.14</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>09.30.13</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Current assets</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,694,316</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,253,462</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,301,673</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Non-current assets</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,955,390</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,349,645</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,096,268</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10,649,706</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9,603,107</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8,397,941</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Current liabilities</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,693,721</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,060,732</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,351,138</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Non-current liabilities</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5,374,655</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4,799,458</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,853,168</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Sub-total</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8,068,376</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6,860,190</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5,204,306</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Minority interest</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>351,828</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>679,791</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>396,256</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Shareholders&#8217; Equity</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,229,502</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,063,126</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,797,379</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10,649,706</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9,603,107</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8,397,941</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>XIII. Comparative Summary Consolidated Income Statement Data</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>09.30.15</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>09.30.14</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>09.30.13</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Operating income</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>724,024</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>640,068</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>229,051</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Income from interest in associates and joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(491,412)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(111,650)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>38,991</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Income before financial income / (loss) and income tax</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>232,612</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>528,418</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>268,042</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Financial income</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>46,399</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>23,825</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>46,534</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Financial expenses</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(334,312)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(327,126)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(293,930)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other financial income</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(148,397)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>87,013</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>27,570</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Financial income / (loss), net</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(436,310)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(216,288)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(219,826)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(Loss) / Income before income tax</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(203,698)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>312,130</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>48,216</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Income tax</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(112,269)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(176,331)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(12,948)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net (loss) / income </FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(315,967)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>135,799</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>35,268</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Attributable to:</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Controlling company&#8217;s shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(275,692)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,258</FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>32,382</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(40,275)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>132,541</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,886</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>XIV. Comparative Summary Consolidated Cash Flow Data</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>09.30.15</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>09.30.14</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #365f91; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>09.30.13</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net cash provided by operating activities</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>374,142</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>252,094</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>203,441</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net cash (used in) / provided by investment activities</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(282,278)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,068,630</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(493,797)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net cash used in financing activities</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>214,131</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(711,352)</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(246,189)</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net increase / (decrease) in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>305,995</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>609,372</FONT></B></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>(536,545)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Cash and cash equivalents at the beginning of the fiscal year</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>375,180</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>609,907</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>796,902</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Gain from exchange rate differences of cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>17,041</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>26,217</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>20,831</FONT></P></TD></TR>

<TR style="HEIGHT: 2.85pt">

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="56%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Cash and cash equivalents at the end of the period</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>698,216</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,245,496</FONT></P></TD>

   <TD style="HEIGHT: 2.85pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>281,188</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">24</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>XV. Comparative Ratios</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>09.30.2015</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>09.30.2014</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif>09.30.2013</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #1f497d; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Liquidity</FONT></U></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CURRENT ASSETS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,694,316</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.00</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,253,462</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.09</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,301,673</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.96</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CURRENT LIABILITIES</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,693,721</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,060,732</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,351,138</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Indebtedness</FONT></U></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>TOTAL LIABILITIES</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8,068,376</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3.13</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6,860,190</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.50</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5,204,306</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.63</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>SHAREHOLDERS&#8217; EQUITY</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,581,330</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,742,917</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,193,635</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Solvency</FONT></U></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>SHAREHOLDERS&#8217; EQUITY</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,581,330</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.32</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,742,917</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.40</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,193,635</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.61</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>TOTAL LIABILITIES</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8,068,376</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6,860,190</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5,204,635</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Restricted Assets</FONT></U></B></P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>NON-CURRENT ASSETS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,955,390</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.75</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,349,645</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.77</FONT></B></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,096,268</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0.85</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>TOTAL ASSETS</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10,649,706</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9,603,107</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>8,397,941</FONT></P></TD>

   <TD style="HEIGHT: 5.65pt; BACKGROUND: #f2f2f2; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES-AR style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; LINE-HEIGHT: 14pt; MARGIN-RIGHT: 0cm"><FONT lang=ES style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=ES style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">25</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="cg times"><B><FONT lang=ES-TRAD style="FONT-SIZE: 16pt; LETTER-SPACING: -0.2pt" face="cg times">IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 12pt 0cm" align=center><FONT face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Summary as of September 30, 2015</FONT></FONT><FONT face="cg times"></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>XVI. Brief comment on prospects for the next period</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm; LINE-HEIGHT: 14pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our real estate businesses in Argentina and abroad have posted very good results in the first quarter of this new fiscal year. We believe that the diversification of our business, with real estate assets in Argentina and abroad, favorably positions us to face all the challenges and opportunities that may arise in 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our subsidiary IRSA Propiedades Comerciales S.A. keeps recording sound growth in both its shopping centers and premium offices segments. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>The most recent shopping center developments, &#8220;Distrito Arcos&#8221; and &#8220;Alto Comahue&#8221; opened during the last fiscal year, are reflecting very good results, with sales growing at rates higher than the portfolio average and operating at full occupancy. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>We will also continue working during the year with a view to optimizing the performance of our current properties through improvements that result in taking better advantage of the leaseable square meters and creating higher functionality and appeal for the benefit of consumers and tenants alike. In our shopping centers we will continue to encourage marketing actions, events, and promotions seeking to attract consumers, through the joint efforts of the Company, stores and credit card issuer banks, which have proved to be highly effective in terms of sales and have been eagerly endorsed by the public.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=tahoma,sans-serif>We are optimistic regarding the opportunities that may arise in Argentina toward the second half of the year after the new administration takes office. We have a large reserve of lands intended for future shopping center and office developments in an industry scenario with high growth potential, as penetration levels in terms of sales and surface area per inhabitant are lower than in other countries of the region.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>As concerns our investments outside Argentina, we will continue working in the improvement of the operating ratios of our only building in New York after the sale of Madison: the Lipstick Building. Our investment in &#8220;Condor Hospitality Trust&#8221; hotel REIT (NASDAQ: CDOR) has shown very good results in the last months derived from its sales of hotels, whilst it has managed to seize good opportunities for purchasing higher class hotels. We trust in the new senior management and hope to reap the benefits of this investment in the future. As concerns our recent investment in the Israeli company IDBD, we will continue working in 2016 with a view to optimizing returns from its various business lines and capital structure. We trust in the value of this investment, which we expect will deliver very good results in the medium term.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Taking into account the quality of the real estate assets in our portfolio, the Company&#8217;s financial position and low indebtedness level and its franchise for accessing the capital markets, we remain confident that we will continue consolidating the best real estate portfolio in Argentina and diversifying our operations by adding businesses abroad with attractive value-creation opportunities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 14.1pt 0pt 0cm; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none" face="times new roman"><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT><FONT lang=ES style="FONT-SIZE: 10pt" face="times new roman"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">26</FONT></FONT></P>

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<DIV style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align=left><FONT style="DISPLAY: inline"><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Buenos Aires, Argentina.</FONT></FONT></FONT></DIV>

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<TR>

   <TD width="48%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD>

   <TD width="52%" colSpan=3><FONT><FONT style="DISPLAY: inline"><FONT face="times new roman"><B><FONT style="FONT-SIZE: 10pt">&nbsp;IRSA Inversiones y Representaciones Sociedad An&#243;nima</FONT></B></FONT></FONT></FONT></TD></TR>

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   <TD width="3%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;By:</FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: black 2px solid" width="42%"><FONT><FONT style="DISPLAY: inline"><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;/S/ Sa&#250;l Zang</FONT></FONT></FONT></FONT></TD>

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   <TD width="42%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;Name: Sa&#250;l Zang</FONT></FONT></FONT></TD>

   <TD width="7%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD></TR>

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   <TD width="48%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD>

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   <TD width="42%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp; Responsible for the Relationship with the Markets</FONT></FONT></FONT></TD>

   <TD width="7%"><FONT><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></FONT></FONT></TD></TR></TABLE></DIV>

<DIV style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align=left><FONT style="DISPLAY: inline"><FONT face="times new roman"><FONT style="FONT-SIZE: 10pt">Dated:&nbsp;November <FONT face="Times New Roman">23</FONT>, 2015</FONT></FONT></FONT></DIV></DIV>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
